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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One) |
|
|
|
|
|
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACMT OF 1934
For
the quarterly period ended September 30, 2023 |
|
|
|
|
|
or |
|
|
|
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from _____ to _____ |
|
Commission
File Number: 001-40578
AGRIFORCE
GROWING SYSTEMS LTD.
(Exact
name of registrant as specified in its charter)
British
Columbia |
|
Not
Applicable |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
No.) |
|
|
|
800
– 525 West 8th Avenue
Vancouver,
BC, Canada |
|
V5Z
1C6 |
(Address
of principal executive offices) |
|
(Zip
Code) |
(604)
757-0952
(Registrant’s
telephone number, including area code)
N/A
(Former
name or former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Shares |
|
AGRI |
|
NASDAQ
Capital Market |
Series
A Warrants |
|
AGRIW |
|
NASDAQ
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data
File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer”
and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
|
|
Emerging
growth company ☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As
of November 2, 2023, the registrant has 1,413,511
shares of common stock, no par value per share, outstanding.
TABLE
OF CONTENTS
Cautionary
Note Regarding Forward-Looking Information
This
Quarterly Report on Form 10-Q contains certain “forward-looking statements” within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). These forward-looking statements represent our expectations, beliefs, intentions or strategies concerning future events,
including, but not limited to, any statements regarding our assumptions about financial performance; the continuation of historical trends;
the sufficiency of our cash balances for future liquidity and capital resource needs; the expected impact of changes in accounting policies
on our results of operations, financial condition or cash flows; anticipated problems and our plans for future operations; and the economy
in general or the future of the agriculture technology industry, all of which were subject to various risks and uncertainties.
When
used in this Quarterly Report on Form 10- Q and other reports, statements, and information we have filed with the Securities and Exchange
Commission (“Commission” or “SEC”), in our press releases, in our periodic reports on Forms 10-K and 10-Q, in
oral statements made by or with the approval of an executive officer, the words or phrases “believes,” “may,”
“will,” “expects,” “should,” “continue,” “anticipates,” “intends,”
“will likely result,” “estimates,” “projects” or similar expressions and variations thereof are intended
to identify such forward-looking statements. However, any statements contained in this Quarterly Report on Form 10-Q that are not statements
of historical fact may be deemed to be forward-looking statements. We caution that these statements by their nature involve risks and
uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important
factors.
We
do not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors
described in this annual report. In this Quarterly Report on Form 10-Q, AgriFORCE Growing Systems Ltd. has identified important factors
that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict
or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
PART
I — FINANCIAL INFORMATION
Item
1. Financial Statements
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED INTERIM BALANCE SHEETS
(Expressed
in US dollars)
| |
| | |
| |
| |
September 30, 2023
(Unaudited) | | |
December 31, 2022 | |
| |
| | |
| |
ASSETS | |
| | | |
| | |
| |
| | | |
| | |
Current | |
| | | |
| | |
Cash and cash equivalents | |
$ | 586,565 | | |
$ | 2,269,320 | |
Other receivable | |
| 74,735 | | |
| 48,941 | |
Prepaid expenses and other current assets (Note 3) | |
| 242,033 | | |
| 598,342 | |
Inventories (Note 4) | |
| 38,167 | | |
| - | |
Advance (Note 5) | |
| 218,934 | | |
| - | |
Total current assets | |
| 1,160,434 | | |
| 2,916,603 | |
| |
| | | |
| | |
Non-current | |
| | | |
| | |
Property and equipment, net | |
| 92,482 | | |
| 121,672 | |
Intangible asset (Note 6) | |
| 12,620,896 | | |
| 13,089,377 | |
Operating lease right-of-use asset | |
| 1,406,060 | | |
| 1,540,748 | |
Construction in progress | |
| 2,056,459 | | |
| 2,092,533 | |
Land deposit (Note 3) | |
| - | | |
| 2,085,960 | |
Total assets | |
| 17,336,331 | | |
| 21,846,893 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current | |
| | | |
| | |
Accounts payable and accrued liabilities (Note 7) | |
| 1,891,589 | | |
| 1,147,739 | |
Debentures (Note 8 and 14) | |
| 4,669,944 | | |
| 3,941,916 | |
Contract liabilities (Note 9) | |
| 23,262 | | |
| - | |
Lease liability – current (Note 13) | |
| 275,584 | | |
| 271,110 | |
Total current liabilities | |
| 6,860,379 | | |
| 5,360,765 | |
| |
| | | |
| | |
Non-current | |
| | | |
| | |
Lease liability – non-current (Note 13) | |
| 1,122,692 | | |
| 1,250,060 | |
Derivative liabilities (Note 11) | |
| 1,958,568 | | |
| 4,649,115 | |
Long term loan (Note 10) | |
| 44,379 | | |
| 44,300 | |
Total liabilities | |
| 9,986,018 | | |
| 11,304,240 | |
Commitments and contingencies (Note 14) | |
| - | | |
| - | |
| |
| | | |
| | |
Shareholders’ equity | |
| | | |
| | |
Common shares, no
par value per share – unlimited shares authorized; 1,071,516 and
315,916 shares issued and outstanding at September
30, 2023 and December 31, 2022, respectively* | |
| 41,891,730 | | |
| 27,142,762 | |
Obligation to issue shares | |
| 44,214 | | |
| - | |
Additional paid-in-capital | |
| 6,486,532 | | |
| 16,816,695 | |
Accumulated deficit | |
| (40,514,172 | ) | |
| (32,774,094 | ) |
Accumulated other comprehensive income | |
| (557,991 | ) | |
| (642,710 | ) |
Total shareholders’ equity | |
| 7,350,313 | | |
| 10,542,653 | |
| |
| | | |
| | |
Total liabilities and shareholders’ equity | |
$ | 17,336,331 | | |
$ | 21,846,893 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
(Expressed
in US dollars)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three
Months Ended September 30, | | |
Nine
Months Ended September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
OPERATING
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Wages
and salaries | |
$ | 603,242 | | |
$ | 695,510 | | |
$ | 2,319,026 | | |
$ | 2,521,164 | |
Consulting | |
| 147,190 | | |
| 522,576 | | |
| 1,032,210 | | |
| 2,030,994 | |
Professional
fees | |
| 277,694 | | |
| 1,177,236 | | |
| 1,026,044 | | |
| 2,058,636 | |
Office
and administrative | |
| 191,829 | | |
| 356,408 | | |
| 821,358 | | |
| 987,298 | |
Share based compensation | |
| 80,537 | | |
| 169,020 | | |
| 565,861 | | |
| 705,882 | |
Depreciation
and amortization | |
| 172,096 | | |
| 6,714 | | |
| 512,695 | | |
| 15,706 | |
Investor
and public relations | |
| 61,319 | | |
| 111,499 | | |
| 451,184 | | |
| 718,423 | |
Lease
expense | |
| 73,261 | | |
| 79,293 | | |
| 222,535 | | |
| 238,728 | |
Sales
and marketing | |
| 11,242 | | |
| 95,750 | | |
| 173,568 | | |
| 186,132 | |
Shareholder
and regulatory | |
| 35,857 | | |
| 28,431 | | |
| 114,674 | | |
| 175,094 | |
Travel
and entertainment | |
| 3,813 | | |
| 55,904 | | |
| 104,938 | | |
| 214,725 | |
Research
and development | |
| (27,046 | ) | |
| 110,916 | | |
| 22,312 | | |
| 537,772 | |
Operating
loss | |
| (1,631,034 | ) | |
| (3,409,257 | ) | |
| (7,366,405 | ) | |
| (10,390,554 | ) |
| |
| | | |
| | | |
| | | |
| | |
OTHER
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Accretion
of interest on debentures (Note 8) | |
| 2,064,936 | | |
| 1,688,672 | | |
| 6,045,214 | | |
| 1,688,672 | |
Loss
(gain) on conversion of convertible debt (Note 8) | |
| 108,125 | | |
| (93,973 | ) | |
| 541,730 | | |
| (93,973 | ) |
Change
in fair value of derivative liabilities (Note 11) | |
| (326,042 | ) | |
| (1,465,027 | ) | |
| (6,159,067 | ) | |
| (1,683,489 | ) |
Foreign
exchange loss (gain) | |
| 25,472 | | |
| (104,468 | ) | |
| (1,317 | ) | |
| (143,432 | ) |
Write-off
of deposit (Note 3) | |
| - | | |
| - | | |
| 12,000 | | |
| - | |
Other
income | |
| (10,472 | ) | |
| (37,831 | ) | |
| (64,887 | ) | |
| (37,831 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net
loss | |
$ | (3,493,053 | ) | |
$ | (3,396,630 | ) | |
$ | (7,740,078 | ) | |
$ | (10,120,501 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other
comprehensive income (loss) | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Foreign
currency translation | |
| (226,286 | ) | |
| (566,414 | ) | |
| 84,719 | | |
| (599,507 | ) |
| |
| | | |
| | | |
| | | |
| | |
Comprehensive
loss attributable to common shareholders | |
$ | (3,719,339 | ) | |
$ | (3,963,044 | ) | |
$ | (7,655,359 | ) | |
$ | (10,720,008 | ) |
| |
| | | |
| | | |
| | | |
| | |
Basic
and diluted net loss attributed to common share* | |
$ | (4.03 | ) | |
$ | (8.31 | ) | |
$ | (12.58 | ) | |
$ | (29.07 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted
average number of common shares outstanding – basic and diluted* | |
| 867,110 | | |
| 408,702 | | |
| 615,152 | | |
| 348,133 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited)
(Expressed
in US dollars, except share numbers)
For
the three and nine months ended September 30, 2023 and 2022
| |
# of Shares | | |
Amount | | |
capital | | |
shares | | |
deficit | | |
income | | |
equity | |
| |
For the three months ended September 30 | | |
| |
| |
Common shares* | | |
Additional
paid-in- | | |
Obligation
to issue | | |
Accumulated | | |
Accumulated
other
comprehensive | | |
Total
shareholders’ | |
| |
# of Shares | | |
Amount | | |
capital | | |
shares | | |
deficit | | |
income | | |
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, July 1, 2023 | |
| 454,335 | | |
$ | 33,086,067 | | |
$ | 11,478,156 | | |
$ | 97,837 | | |
$ | (37,021,119 | ) | |
$ | (331,705 | ) | |
$ | 7,309,236 | |
Shares issued for conversion of convertible debt (Note 8) | |
| 422,104 | | |
| 3,013,171 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3,013,171 | |
Shares issued for compensation (Note 12) | |
| 31,890 | | |
| 205,678 | | |
| - | | |
| (53,623 | ) | |
| - | | |
| - | | |
| 152,055 | |
Shares issued for cash, net of issuance costs (Note 12) | |
| 103,177 | | |
| 640,096 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 640,096 | |
Shares issued for consulting services | |
| 350 | | |
| 27,150 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 27,150 | |
Shares issued on conversion of vested prefunded warrants (Note 6) | |
| 59,660 | | |
| 4,919,568 | | |
| (4,919,568 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Share based compensation | |
| - | | |
| - | | |
| (72,056 | ) | |
| - | | |
| - | | |
| - | | |
| (72,056 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,493,053 | ) | |
| - | | |
| (3,493,053 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (226,286 | ) | |
| (226,286 | ) |
Balance, September 30, 2023 | |
| 1,071,516 | | |
$ | 41,891,730 | | |
$ | 6,486,532 | | |
$ | 44,214 | | |
$ | (40,514,172 | ) | |
$ | (557,991 | ) | |
$ | 7,350,313 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, July 1, 2022 | |
| 310,293 | | |
$ | 26,710,990 | | |
$ | 10,123,315 | | |
$ | - | | |
$ | (26,624,863 | ) | |
$ | (66,179 | ) | |
$ | 10,143,263 | |
Shares issued for conversion of convertible debt (Note 8) | |
| 1,351 | | |
| 131,532 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 131,532 | |
Shares issued for consulting services | |
| 600 | | |
| 59,500 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 59,500 | |
Shares issued compensation | |
| 1,528 | | |
| 100,564 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 100,564 | |
Share based compensation | |
| - | | |
| - | | |
| 68,456 | | |
| - | | |
| - | | |
| - | | |
| 68,456 | |
Prefunded warrants issued (Note 6) | |
| - | | |
| - | | |
| 3,376,946 | | |
| - | | |
| - | | |
| - | | |
| 3,376,946 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,396,630 | ) | |
| - | | |
| (3,396,630 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (566,414 | ) | |
| (566,414 | ) |
Balance, September 30, 2022 | |
| 313,772 | | |
$ | 27,002,586 | | |
$ | 13,568,717 | | |
$ | - | | |
$ | (30,021,493 | ) | |
$ | (632,593 | ) | |
$ | 9,917,217 | |
* | | reflects the 1:50 reverse stock split effected on October 11, 2023. |
| |
# of Shares | | |
Amount | | |
capital | | |
shares | | |
deficit | | |
income | | |
equity | |
| |
For the nine months ended September 30 | | |
| |
| |
Common shares* | | |
Additional paid-in- | | |
Obligation to issue | | |
Accumulated | | |
Accumulated other comprehensive | | |
Total shareholders’ | |
| |
# of Shares | | |
Amount | | |
capital | | |
shares | | |
deficit | | |
income | | |
equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, January 1, 2023 | |
| 315,916 | | |
$ | 27,142,762 | | |
$ | 16,816,695 | | |
$ | - | | |
$ | (32,774,094 | ) | |
$ | (642,710 | ) | |
$ | 10,542,653 | |
Shares issued for conversion of convertible debt (Note 8) | |
| 472,431 | | |
| 4,756,872 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,756,872 | |
Shares issued for conversion of convertible debt | |
| 472,431 | | |
| 4,756,872 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 4,756,872 | |
Shares issued for compensation (Note 12) | |
| 35,007 | | |
| 311,190 | | |
| - | | |
| 44,214 | | |
| - | | |
| - | | |
| 355,404 | |
Shares issued for compensation | |
| 35,007 | | |
| 311,190 | | |
| - | | |
| 44,214 | | |
| - | | |
| - | | |
| 355,404 | |
Shares issued for cash, net of issuance costs (Note 12) | |
| 124,652 | | |
| 939,695 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 939,695 | |
Shares issued for cash, net of issuance costs | |
| 124,652 | | |
| 939,695 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 939,695 | |
Shares issued in private placement (Note 12) | |
| 20,000 | | |
| 204,880 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 204,880 | |
Shares issued in private placement | |
| 20,000 | | |
| 204,880 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 204,880 | |
Shares issued for consulting services | |
| 900 | | |
| 80,885 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 80,885 | |
Shares issued on conversion of vested prefunded warrants (Note 6) | |
| 102,610 | | |
| 8,455,446 | | |
| (8,455,446 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Shares issued on conversion of vested prefunded warrants | |
| 102,610 | | |
| 8,455,446 | | |
| (8,455,446 | ) | |
| - | | |
| - | | |
| - | | |
| - | |
Cancelled prefunded warrants (Note 3) | |
| - | | |
| - | | |
| (2,085,960 | ) | |
| - | | |
| - | | |
| - | | |
| (2,085,960 | ) |
Cancelled prefunded warrants | |
| - | | |
| - | | |
| (2,085,960 | ) | |
| - | | |
| - | | |
| - | | |
| (2,085,960 | ) |
Share based compensation | |
| - | | |
| - | | |
| 211,243 | | |
| - | | |
| - | | |
| - | | |
| 211,243 | |
Net loss | |
| - | | |
| - | | |
| | | |
| | | |
| (7,740,078 | ) | |
| | | |
| (7,740,078 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 84,719 | | |
| 84,719 | |
Balance, September 30, 2023 | |
| 1,071,516 | | |
$ | 41,891,730 | | |
$ | 6,486,532 | | |
$ | 44,214 | | |
$ | (40,514,172 | ) | |
$ | (557,991 | ) | |
$ | 7,350,313 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, January 1, 2022 | |
| 303,534 | | |
$ | 25,637,543 | | |
$ | 2,203,343 | | |
$ | 93,295 | | |
$ | (19,900,992 | ) | |
$ | (33,086 | ) | |
$ | 8,000,103 | |
Balance | |
| 303,534 | | |
$ | 25,637,543 | | |
$ | 2,203,343 | | |
$ | 93,295 | | |
$ | (19,900,992 | ) | |
$ | (33,086 | ) | |
$ | 8,000,103 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shares issued for conversion of convertible debt (Note 8) | |
| 1,351 | | |
| 131,532 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 131,532 | |
Shares issued for conversion of convertible debt | |
| 1,351 | | |
| 131,532 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 131,532 | |
Shares issued for consulting services | |
| 5,195 | | |
| 801,457 | | |
| - | | |
| (93,295 | ) | |
| - | | |
| - | | |
| 708,162 | |
Shares issued for compensation | |
| 3,692 | | |
| 432,054 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 432,054 | |
Share based compensation | |
| - | | |
| - | | |
| 282,828 | | |
| - | | |
| - | | |
| - | | |
| 282,828 | |
Prefunded warrants issued (Note 6) | |
| - | | |
| - | | |
| 11,082,546 | | |
| - | | |
| - | | |
| - | | |
| 11,082,546 | |
Prefunded warrants issued | |
| - | | |
| - | | |
| 11,082,546 | | |
| - | | |
| - | | |
| - | | |
| 11,082,546 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (10,120,501 | ) | |
| - | | |
| (10,120,501 | ) |
Foreign currency translation | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (599,507 | ) | |
| (599,507 | ) |
Balance, September 30, 2022 | |
| 313,772 | | |
$ | 27,002,586 | | |
$ | 13,568,717 | | |
$ | - | | |
$ | (30,021,493 | ) | |
$ | (632,593 | ) | |
$ | 9,917,217 | |
Balance | |
$ | 313,772 | | |
$ | 27,002,586 | | |
$ | 13,568,717 | | |
$ | - | | |
$ | (30,021,493 | ) | |
$ | (632,593 | ) | |
$ | 9,917,217 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
AGRIFORCE
GROWING SYSTEMS LTD.
CONDENSED
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited)
(Expressed
in US Dollars)
| |
2023 | | |
2022 | |
| |
For
the nine months ended September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH
FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net
loss for the period | |
$ | (7,740,078 | ) | |
$ | (10,120,501 | ) |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation
and amortization | |
| 512,695 | | |
| 15,706 | |
Share
based compensation | |
| 211,243 | | |
| 282,828 | |
Shares
issued for consulting services | |
| 80,885 | | |
| 708,162 | |
Shares
issued for compensation | |
| 355,404 | | |
| 432,054 | |
Loss
(gain) on debt conversion | |
| 541,730 | | |
| (93,973 | ) |
Amortization
of debt issuance costs | |
| 5,873,396 | | |
| 1,515,296 | |
Change
in fair value of derivative liabilities | |
| (6,159,067 | ) | |
| (1,683,489 | ) |
Write-off
of deposit | |
| 12,000 | | |
| - | |
Changes
in operating assets and liabilities: | |
| | | |
| | |
Other
receivables | |
| (25,794 | ) | |
| (14,411 | ) |
Prepaid
expenses and other current assets | |
| 344,309 | | |
| (60,914 | ) |
Inventories | |
| (38,167 | ) | |
| - | |
Advance | |
| (225,000 | ) | |
| - | |
Accounts
payable and accrued liabilities | |
| 783,725 | | |
| (35,791 | ) |
Right-of-use
asset | |
| 134,688 | | |
| 249,038 | |
Lease
liabilities | |
| (122,894 | ) | |
| (255,731 | ) |
Contract
liabilities | |
| 23,333 | | |
| - | |
Net
cash used in operating activities | |
| (5,437,592 | ) | |
| (9,061,726 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Payment
towards acquisition of intangibles | |
| - | | |
| (500,000 | ) |
Acquisition
of equipment and leasehold improvements | |
| - | | |
| (93,259 | ) |
Deposit
for purchase of land | |
| - | | |
| 20,000 | |
Construction
in progress | |
| - | | |
| (50,000 | ) |
Net
cash used in investing activities | |
| - | | |
| (623,259 | ) |
| |
| | | |
| | |
CASH
FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| - | |
Proceeds
from common shares issued for cash | |
| 1,342,915 | | |
| - | |
Share
issuance costs paid | |
| (153,220 | ) | |
| - | |
Proceeds
from debentures – net of discount | |
| 4,615,385 | | |
| 12,750,000 | |
Repayment
of convertible debentures | |
| (1,741,950 | ) | |
| (1,122,000 | ) |
Financing
costs of debentures | |
| (325,962 | ) | |
| (1,634,894 | ) |
Net
cash provided by financing activities | |
| 3,737,168 | | |
| 9,993,106 | |
| |
| | | |
| | |
Effect
of exchange rate changes on cash and cash equivalent | |
| 17,669 | | |
| (214,383 | ) |
Change
in cash | |
| (1,682,755 | ) | |
| 93,738 | |
Cash,
beginning of period | |
| 2,269,320 | | |
| 7,775,290 | |
Cash,
end of period | |
$ | 586,565 | | |
$ | 7,869,028 | |
| |
| | | |
| | |
Supplemental
cash flow information: | |
| | | |
| | |
Cash
paid during the period for interest | |
$ | 171,818 | | |
$ | 173,376 | |
| |
| | | |
| | |
Supplemental
disclosure of non-cash investing and financing transactions | |
| | | |
| | |
Shares
issued for conversion of convertible debt | |
$ | 4,756,872 | | |
$ | 131,532 | |
Reclassified
accrued construction in progress fees | |
$ | 39,875 | | |
$ | - | |
Initial
fair value of debenture warrants (“Second Tranche Warrants”) | |
$ | 2,378,000 | | |
$ | - | |
Initial
fair value of conversion feature of debentures (“Second Tranche Debentures”) | |
$ | 1,599,000 | | |
$ | - | |
Fair
value of debenture warrants (“First Tranche Warrants”) | |
$ | - | | |
$ | 4,342,877 | |
Fair
value of conversion feature of debentures (“First Tranche Debentures”) | |
$ | - | | |
$ | 2,249,000 | |
Prefunded
warrants issued related to intangible assets | |
$ | - | | |
$ | 8,996,586 | |
Prefunded
warrants issued related to land deposit | |
$ | - | | |
$ | 2,085,960 | |
Prefunded warrants related to land deposit cancelled | |
$ | 2,085,960 | | |
$ | - | |
Initial
operating lease liability recognized under Topic 842 | |
$ | - | | |
$ | 1,776,599 | |
Initial
lease right-of-use asset recognized under Topic 842 | |
$ | - | | |
$ | 1,837,782 | |
The
accompanying notes are an integral part of these Unaudited Condensed Consolidated Interim Financial Statements.
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For
the nine months ended September 30, 2023 and 2022 (unaudited)
(Expressed
in US Dollars, except where noted)
1.
NATURE OF OPERATIONS AND BASIS OF PREPARATION
Business
Overview
AgriFORCE
Growing Systems Ltd. (“AgriFORCE” or the “Company”) was incorporated as a private company by Articles of Incorporation
issued pursuant to the provisions of the Business Corporations Act (British Columbia) on December 22, 2017. The Company’s
registered and records office address is at 800 – 525 West 8th Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.
The
Company is an innovative agriculture-focused technology company that delivers reliable, financially robust solutions for high value crops
through our proprietary facility design and automation Intellectual Property to businesses and enterprises globally through our AgriFORCE™
Solutions division (“Solutions”) and delivers nutritious food products through our AgriFORCE™ Brands division (“Brands”).
Solutions
intends to operate in the plant based pharmaceutical, nutraceutical, and other high value crop markets using its unique proprietary facility
design and hydroponics based automated growing system that enable cultivators to effectively grow crops in a controlled environment (“FORCEGH+™”).
The Company has designed FORCEGH+™ facilities to produce in virtually any environmental condition and to optimize crop yields to
as near their full genetic potential possible whilst substantially eliminating the need for the use of pesticides and/or irradiation.
Brands
is focused on the development and commercialization of plant-based ingredients and products that deliver healthier and more nutritious
solutions. We will market and commercialize both branded consumer product offerings and ingredient supply.
Basis
of Presentation
The
accompanying Unaudited Condensed Consolidated Interim Financial Statements and related financial information of AgriFORCE Growing Systems
Ltd. should be read in conjunction with the audited financial statements and the related notes thereto for the years ended December 31,
2022 and 2021 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on March 13, 2023. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the
United States Securities and SEC for interim financial information. Accordingly, they do not include all of the information and footnotes
required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial
statements.
In
the opinion of management, the accompanying interim financial statements contain all adjustments which are necessary to state fairly
the Company’s financial position as of September 30, 2023 and December 31, 2022, and the results of its operations and cash
flows during the three and nine months ended September 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The
results for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full
fiscal year ending December 31, 2023, or for any future period.
Liquidity
and Management’s Plan
The
Company has incurred substantial operating losses since its inception and expects to continue to incur significant operating losses for
the foreseeable future. As reflected in the interim financial statements for the nine months ended September 30, 2023, the Company had
a net loss of $7.7 million, $5.4 million of net cash used in operating activities, and the Company had a working capital deficit of $5.7
million.
The
accompanying interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business. The interim financial statements do not include any adjustments relating
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result
from the outcome of this uncertainty. The Company is at the development stage of its business plan. As such it is likely that additional
financing will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial
doubt about the Company’s ability to continue as a going concern. For the next twelve months from issuance of these interim financial
statements, the Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to
fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if
at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences
compared to our currently outstanding common shares. If the Company is unable to obtain such additional financing, future operations
would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes
that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of
these interim financial statements.
Reverse
Stock Split
On
October 11, 2023, the Company executed a one-for-fifty reverse stock split of the Company’s common shares (the “Reverse
Split”). As a result of the Reverse Split, every 50 shares of the Company’s old common shares were converted into one
share of the Company’s new common shares. Fractional shares resulting from the reverse split were rounded up to the nearest
whole number. The Reverse Split automatically and proportionately adjusted all issued and outstanding shares of the Company’s
common shares, as well as convertible debentures, convertible features, prefunded warrants, stock options and warrants outstanding
at the time of the date of the Reverse Split. The exercise price on outstanding equity based-grants was proportionately
increased, while the number of shares available under the Company’s equity-based plans was proportionately reduced. Share
and per share data (except par value) for the periods presented reflect the effects of the Reverse Split. References to numbers of
common shares and per share data in the accompanying financial statements and notes thereto for periods ended prior to October 11,
2023 have been adjusted to reflect the Reverse Split on a retroactive basis.
2.
SIGNIFICANT ACCOUNTING POLICIES
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” The standard, including subsequently
issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial
assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical
experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This
ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, and requires the
modified retrospective approach. ASU 2016-13 was adopted by the Company on January 1, 2023. Based on the composition of the Company’s
affected financial assets, current market conditions, and historical credit loss activity, the adoption did not have a material impact
to these interim financial statements.
In
August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity” (“ASU 2020-06”). The intention of ASU 2020-06 is to address
the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting
models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method
for the computation of diluted “Earnings per share” under ASC 260. ASC 2020-06 is effective for fiscal years beginning after
December 15, 2023 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of
transition. ASU 2020-06 was adopted by the Company on January 1, 2023. Since the Company had a net loss for the nine months ended September
30, 2023 and its convertible debentures were determined to be anti-dilutive, there was no material impact to its basic and diluted net
loss per share for the period as a result of adopting ASU 2020-06.
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting
for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure
contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for
interim and annual periods beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 was adopted on January 1, 2023
and did not have a material impact to these interim financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are
not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
Inventories
Inventories
consist of finished goods of milled flour and related packaging material recorded at the lower of cost or net realizable value
with the cost measured using the average cost method. Inventories includes all costs that relate
to bringing the inventory to its present condition and location under normal operating conditions.
Revenue
Recognition
Product revenue includes sales from hydroxyl generators.
We recognize product revenue when we satisfy performance obligations by transferring control of the promised products or services to
customers. Product revenue is recognized at a point in time when a good is shipped or delivered to the customer.
Contract Balances
We recognize a receivable when the Company has a right
to consideration for which the Company has completed the performance obligations and only the passage of time is required before payment
of that consideration is due.
We recognize a contract asset when revenue is recognized
prior to invoicing.
We recognize a contract liability when a customer
provides payment to the Company for a performance obligation not yet satisfied.
Payment terms generally require payments within 30 days.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815, Derivatives
and Hedging (“ASC 815”), which provides that if three criteria are met, the Company is required to bifurcate conversion options
from their host instruments and account for them as free-standing derivative financial instruments. These three criteria include circumstances
in which;
(a) |
the
economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics
and risks of the host contract; |
(b) |
the
hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur; and |
(c) |
a
separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. |
ASC
815 also provides an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards
as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion
Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records,
when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon
the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC 815 provides that, among other things, generally, if an event
is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a
liability.
Definite
Lived Intangible Asset
Definite
lived intangible asset consists of a granted patent. Amortization is computed using the straight-line method over the estimated useful
life of the asset. The estimated useful life of the granted patent is 20 years and the patent was available for use starting January
2023.
Fair
Value of Financial Instruments
The
fair value of the Company’s other receivable, accounts payable and other current liabilities approximate their carrying amounts
due to the relative short maturities of these items.
The
Company issued warrants having a strike price denominated in U.S. dollars, which creates an obligation to issue shares for a price that
is not denominated in the Company’s functional currency, Canadian dollars, and renders the warrants not indexed to the Company’s
stock. The Series A warrants, representative warrants issued as part of the IPO, and convertible debt warrants are thus classified as
derivative liabilities and are measured at fair value.
The
convertible debentures also have a conversion feature whereby the debt holders can convert their outstanding debentures into common shares
of the Company. The conversion price has a strike price denominated in U.S. dollars and accordingly, the conversion feature is classified
as a derivative liability and measured at fair value.
The
fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which
establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities
that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires
that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:
● |
Level
1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities. |
|
|
● |
Level
2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
● |
Level
3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant
to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value
measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as
significant management judgment or estimation. |
Reclassifications
The
Company has reclassified certain amounts in the 2022 consolidated financial statements to comply with the 2023 presentation.
3.
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
September 30, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 169,448 | | |
$ | 436,496 | |
Legal retainer | |
| 30,811 | | |
| 24,457 | |
Inventory advances | |
| 36,107 | | |
| - | |
Deferred offering costs | |
| - | | |
| 100,337 | |
Deposits | |
| - | | |
| 12,000 | |
Others | |
| 5,667 | | |
| 25,052 | |
Prepaid expenses, other
current assets | |
$ | 242,033 | | |
$ | 598,342 | |
The
Company wrote off a non-refundable deposit amounting to $12,000 which was related to a previous land purchase agreement.
Inventory
advances represent payments made to manufacturers for goods not received.
On
August 31, 2022, the Company signed a purchase and sale agreement with Stronghold Power Systems, Inc. (“Stronghold”), to
purchase approximately seventy acres of land located in the City of Coachella as well as to have Stronghold complete certain permitting,
zoning, and infrastructure work for a total purchase price of $4,300,000. The purchase price consists of:
|
(i) |
$1,500,000
in cash due on March 31, 2023. |
|
|
|
|
(ii) |
A
first stock deposit of $1,700,000 in prefunded warrants. The Company issued 13,917 prefunded warrants on September 9, 2022 to Stronghold.
|
|
|
|
|
(iii) |
A
second stock deposit $1,100,000 in prefunded warrants. The Company issued 9,005 prefunded warrants on September 9, 2022 to Stronghold. |
As
at December 31, 2022 the $2,085,960 of prefunded warrants were recorded under land deposit in relation to the Stronghold agreement.
On
March 31, 2023 the prefunded warrants issued were rescinded and the warrants were rendered null and void as the Company presented a termination
notice to Stronghold and the value under land deposit was also reversed.
4.
INVENTORIES
As
at September 30, 2023, the Company had $38,167 (December
31, 2022 - nil) in finished goods. At the end of each reporting period, inventories are reviewed to ensure that they are recorded at
the lower of cost and net realizable value.
5.
ADVANCE
On
June 18, 2023, the Company signed a memorandum of understanding (“MOU”) with Radical Clean Solutions Ltd. (“RCS”)
to advance $225,000 to
RCS to be used exclusively for the advance purchase of hydroxyl generating devices. On June 26, 2023, the Company advanced $225,000
to RCS. The Company has an option to convert
the advance into an investment for 14%
of the issued and outstanding common shares of RCS. Upon conversion of the advance into an investment, the Company will receive one of
five board of director seats of RCS and will have a right of first refusal to maintain an ownership percentage in RCS of not less than
10%
of the total issued and outstanding common shares.
On
October 1, 2023 the Company and RCS signed a definitive agreement to convert the advance into a 14% ownership investment in RCS.
6.
INTANGIBLE ASSET
Intangible
asset represents $12,620,896 (December 31, 2022 - $13,089,377) for intellectual property (“Manna IP”) acquired under an asset
purchase agreement with Manna Nutritional Group, LLC (“Manna”) dated September 10, 2021. The Manna IP encompasses patented
technologies to naturally process and convert grains, pulses, and root vegetables, into low-starch, low-sugar, high-protein, fiber-rich
baking flour products, as well as a wide range of breakfast cereals, juices, natural sweeteners, and baking enhancers. The Company paid
$1,475,000 in cash and issued 147,600 prefunded warrants valued at $12,106,677 (the “Purchase Price”) adjusted for foreign
exchange differences of $469,058 (December 31, 2022 - $492,300). Subject to a 9.99% stopper and SEC Rule 144 restrictions, the prefunded
warrants will vest in tranches up until March 10, 2024. When vested the tranches of prefunded warrants are convertible into an equal
number of common shares.
On
January 3, 2023, Manna satisfied all of its contractual obligations when the patent was approved by the US Patents Office and the title
was transferred to the Company. During the nine months ended September 30, 2023, the Company issued 102,610 shares in relation to this
transaction. As at September 30, 2023, there were 44,990 unconverted prefunded warrants outstanding.
Based
on the terms above and in conformity with US GAAP, the Company accounted for purchase as an asset acquisition and has deemed the asset
purchased as an in-process research and development. The asset was completed and will be amortized over its useful life of 20 years.
The Company recorded $492,220 in amortization expense related to the Manna IP for the nine months ended September 30, 2023.
The
estimated annual amortization expense for the next five years are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
Period ending: | |
Amount | |
Remaining 2023 | |
$ | 163,908 | |
2024 | |
| 655,631 | |
2025 | |
| 655,631 | |
2026 | |
| 655,631 | |
2027 | |
| 655,631 | |
Subsequent years | |
| 9,834,464 | |
Total | |
$ | 12,620,896 | |
7.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accounts payable | |
$ | 623,887 | | |
$ | 498,188 | |
Accrued expenses | |
| 665,696 | | |
| 365,521 | |
Other | |
| 602,006 | | |
| 284,030 | |
Accounts payable and accrued liabilities | |
$ | 1,891,589 | | |
$ | 1,147,739 | |
8.
DEBENTURES
On
June 30, 2022, the Company executed the definitive agreement with arm’s length accredited institutional investors (the “Investors”)
for $14,025,000 in debentures with a 10% original issue discount (“First Tranche Debentures”) for gross proceeds of $12,750,000.
The First Tranche Debentures were convertible into common shares at $111.00 per share. In addition, the Investors received 82,129 warrants
at a strike price of $122.10, which expire on December 31, 2025 (the “First Tranche Warrants”). The First Tranche Warrants
and First Tranche Debentures each have down round provisions whereby the conversion and strike prices will be adjusted downward if the
Company issues equity instruments at lower prices. The First Tranche Warrants strike price and the First Tranche Debenture conversion
price will be adjusted down to the effective conversion price of the issued equity instruments. The transaction costs incurred in relation
to first tranche were $1,634,894.
The
Investors have the right to purchase additional tranches of $5,000,000 each, up to a total additional principal amount of $33,000,000.
On
January 17, 2023, the Investors purchased additional debentures totaling $5,076,923 with a 10% original issue discount for gross proceeds
of $4,615,385 (the “Second Tranche Debenture”). The Second Tranche Debentures were convertible into common shares at $62.00
per share and the Investors received an additional 53,226 warrants at a strike price of $62.00, which expire on December 31, 2025 (the
“Second Tranche Warrants”). The issuance of the additional tranche triggered the down round provision, adjusting the exercise
prices of the First Tranche Debentures and the First Tranche Warrants to $62.00. The transaction costs incurred in relation to second
tranche were $325,962.
The
First Tranche and Second Tranche Debentures (the “Debentures”) have an interest rate of 5% for the first 12 months, 6% for
the subsequent 12 months, and 8% per annum thereafter. Principal repayments will be made in 25 equal installments which began on September
1, 2022 for the First Tranche Debentures and on July 1, 2023 for the Second Tranche Debentures. The Debentures may be extended by nine
months at the election of the Company by paying a sum equal to nine months interest on the principal amount outstanding at the end of
the 18th month, at the rate of 8% per annum.
On August 9, 2023, the Company entered into another waiver and amendment
agreement (“Agreement”) with the Investors with respect to a certain Senior Convertible Debenture (the “Debentures”)
due July 17, 2025 issued by the Company to that Investor. The Agreement provides as follows:
|
1. |
The Company wishes to make Monthly Redemptions in shares of the Company’s Common Stock in lieu of cash payments, until further written notice from the Company to the Purchaser. |
|
2. |
The Purchaser is willing to accept such shares as payment of the Monthly Redemption Amount provided that the Equity Conditions are met; and will consider on a case-by-case basis accepting payments in shares of Common Stock if the Equity Conditions are not met, at its sole discretion. Company may inquire of the Purchaser at least 5 Trading Days prior to a Monthly Redemption Date whether the Purchaser is willing to accept Shares without the Equity Conditions having been met. An email reply from the Purchaser shall be sufficient evidence of such monthly waiver. |
|
3. |
The Purchaser will accept the August 1, 2023 Monthly Redemption Amount in shares of Common Stock valued at the August 1 Repayment Price for such date. |
On
August 30, 2023, the Company issued common shares for cash under an ATM agreement (the “ATM”) triggering the down round provision,
adjusting the exercise prices of the First and Second Tranche Debentures as well as the First and Second Tranche Warrants to $5.50.
Due
to the currency of the above noted features being different from the Company’s functional currency, the First Tranche Warrants
and Second Tranche Warrants (the “Debenture Warrants), as well as the Debentures’ convertible features were classified as
derivative liabilities and are further discussed in Note 11.
The
following table summarizes the outstanding debentures as of the dates indicated:
SCHEDULE
OF OUTSTANDING DEBENTURES
| |
Maturity | | Cash Interest Rate |
| |
September
30,
2023 | | |
December
31,
2022 | |
Principal
(First Tranche Debentures) | |
12/31/2024 | | |
5.00%
- 8.00 |
% | |
$ | 14,025,000 | | |
$ | 14,025,000 | |
Principal
(Second Tranche Debentures) | |
17/07/2025 | | |
5.00%
- 8.00 |
% | |
| 5,076,923 | | |
| - | |
Repayments
and conversions | |
| | |
|
| |
| (8,431,581 | ) | |
| (2,955,000 | ) |
Debt
issuance costs and discounts (Note 8 & 11) | |
| | |
|
| |
| (6,000,398 | ) | |
| (7,128,084 | ) |
Total
Debentures (current) | |
| | |
|
| |
$ | 4,669,944 | | |
$ | 3,941,916 | |
During
the nine months ended September 30, 2023, the Investors converted $3,734,631
of principal and $305,175
of interest into shares of the Company resulting in a $541,730
loss on the conversion of convertible debentures. During the nine months ended September 30, 2023, the Company incurred $6,045,214 in accretion interest.
9. CONTRACT BALANCES
For the nine months ended September 30, 2023,
contact balances consisted of $23,262 of advance payments for product sales not yet delivered, which are recognized as a contract
liability (December 31, 2022 - $nil).
10.
LONG TERM LOAN
During
the year ended December 31, 2020, the Company entered into a loan agreement with Alterna Bank for a principal amount of $29,586 (December
31, 2022 - $29,533) (CAD$40,000) under the Canada Emergency Business Account Program (the “Program”).
The
Program, as set out by the Government of Canada, requires that the funds from this loan shall only be used by the Company to pay non-deferrable
operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service,
and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends,
distributions and increases in management compensation.
In
April 2021, the Company applied for an additional loan with Alterna Bank under the Program and received $14,793 (CAD$20,000) (December
31, 2022 - $14,767). The expansion loan is subject to the original terms and conditions of the Program.
The
loan is interest free for an initial term that ends on January
18, 2024. Repaying the loan balance on or before January 18, 2024 will result in loan forgiveness of up to a third of loan
value (up to CAD $20,000).
Any outstanding loan after initial term carries an interest rate of 5%
per annum, payable monthly during the extended term i.e. January
19, 2024 to December 31, 2025. The loan is due December 31, 2026.
The
balance as at September 30, 2023 was $44,379 (CAD $60,000) (December 31, 2022 - $44,300 (CAD $60,000)).
11.
DERIVATIVE LIABILITIES
Warrant
Liabilities
As
of September 30, 2023, the Warrant Liabilities represent aggregate fair value of publicly traded 61,765 Series A warrants (“IPO
Warrants”), 2,721 representative’s warrants (“Rep Warrants”), 82,129 First Tranche Warrants, 53,226 Second
Tranche Warrants and 20,000 warrants issued in a private placement (Note 12) on June 20, 2023 (“Private Placement Warrants”).
The
fair value of the Private Placement Warrants amount to $2,407 (June 20, 2023 - $45,120). As at September 30, 2023 the Company utilized
the Black-Scholes option-pricing model for the Private Placement Warrants and used the following assumptions: stock price $5.50 (June
20, 2023 - $12.50), dividend yield – nil (June 20, 2023 – nil), expected volatility 59% (June 20, 2023 – 65.0%), risk
free rate of return 4.91% (June 20, 2023 – 4.58%), and expected term of 1.75 years (June 20, 2023 – expected term of 2 years).
The
fair value of the IPO Warrants and Rep Warrants amount to $64,161 (December 31, 2022 - $275,115). The Rep Warrants are exercisable one
year from the effective date of the IPO registration statement and will expire three years after the effective date.
The
fair value of the First Tranche Warrants amounted to $234,000 (December 31, 2022 - $2,917,000). As at September 30, 2023 the Company
utilized the Monte Carlo option-pricing model to value the First Tranche Warrants using the following assumptions: stock price $5.60
(December 31, 2022 - $56.50), dividend yield – nil (December 31, 2022 – nil), expected volatility 80.0% (December 31, 2022
– 95.0%), risk free rate of return 4.97% (December 31, 2022 – 4.22%), and expected term of 2.25 years (December 31, 2022
– expected term of 3 years).
On
January 17, 2023 the Company issued Second Tranche Warrants. As at September 30, 2023 the Second Tranche Warrants had a fair value that
amounted to $75,000 (January 17, 2023 - $2,378,000). As at September 30, 2023 the Company utilized the Monte Carlo option-pricing model
to value the Second Tranche Warrants using the following assumptions: stock price $5.60 (January 17, 2023 - $60.50), dividend yield –
nil (January 17, 2023 – nil), expected volatility 80.0% (January 17, 2023 – 95.0%), risk free rate of return 4.85% (January
17, 2023 – 3.80%), and expected term of 2.80 years (January 17, 2023 – expected term of 3.5 years).
Debenture
Convertible Feature
On
June 30, 2022, the Company issued First Tranche Debentures with an equity conversion feature, see Note 8. As at September 30, 2023 the
fair value of the First Tranche Debentures’ convertible feature amounted to $887,000 (December 31, 2022 - $1,457,000). The Company
utilized the Monte Carlo option-pricing model for valuing the convertible feature using the following assumptions: stock price $5.60
(December 31, 2022 - $56.50), dividend yield – nil (December 31, 2022 – nil), expected volatility 80.0% (December 31, 2022
– 95.0%), risk free rate of return 5.35% (December 31, 2022 – 4.41%), discount rate 16.23% (December 31, 2022 – 13.65%),
and expected term of 1.25 years (December 31, 2022 – 2 years).
On
January 17, 2023, the Company issued Second Tranche Debentures with an equity conversion feature, see Note 8. As at September 30, 2023
the fair value of the Second Tranche Debentures’ convertible feature amounted to $696,000 (January 17, 2023 - $1,599,000). The
Company utilized the Monte Carlo option-pricing model for valuing the convertible feature using the following assumptions: stock price
$5.60 (January 17, 2023 - $60.50), dividend yield – nil (January 17, 2023 – nil), expected volatility 80.0% (January 17, 2023
– 95.0%), risk free rate of return 5.12% (January 17, 2023 – 4.02%), discount rate 16.01% (January 17, 2023 – 11.65%),
and expected term of 1.80 years (January 17, 2023 – 2.50 years).
The
IPO Warrants, Rep Warrants, and Private Placement Warrants (the “Equity Warrants”) are classified as Level 1 financial instruments,
while the Debenture Warrants and Debenture Convertible Feature are classified as Level 3 financial instruments.
Changes
in the fair value of the Company’s financial instruments for the nine months ended September 30, 2023 and 2022 were as follows:
SCHEDULE OF CHANGES IN THE FAIR VALUE OF COMPANY'S LEVEL 3 FINANCIAL
INSTRUMENTS
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2023 | |
$ | 275,115 | | |
| 2,917,000 | | |
| 1,457,000 | | |
| 4,649,115 | |
Additions | |
| 45,120 | | |
| 2,378,000 | | |
| 1,599,000 | | |
| 4,022,120 | |
Conversions | |
| - | | |
| - | | |
| (529,340 | ) | |
| (529,340 | ) |
Change in fair value | |
| (259,123 | ) | |
| (4,960,112 | ) | |
| (939,832 | ) | |
| (6,159,067 | ) |
Effect of exchange rate changes | |
| 5,456 | | |
| (25,888 | ) | |
| (3,828 | ) | |
| (24,260 | ) |
Balance at September 30, 2023 | |
$ | 66,568 | | |
$ | 309,000 | | |
$ | 1,583,000 | | |
$ | 1,958,568 | |
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2022 | |
$ | 1,418,964 | | |
$ | - | | |
$ | - | | |
$ | 1,418,964 | |
Additions | |
| - | | |
| 4,080,958 | | |
| 3,336,535 | | |
| 7,417,493 | |
Conversions | |
| - | | |
| - | | |
| (63,723 | ) | |
| (63,723 | ) |
Change in fair value | |
| (640,540 | ) | |
| (191,957 | ) | |
| (850,992 | ) | |
| (1,683,489 | ) |
Effect of exchange rate changes | |
| (85,547 | ) | |
| (239,001 | ) | |
| (172,820 | ) | |
| (497,368 | ) |
Balance at September 30, 2022 | |
$ | 692,877 | | |
$ | 3,650,000 | | |
$ | 2,249,000 | | |
$ | 6,591,877 | |
Due
to the expiry date of the warrants and conversion feature being greater than one year, the liabilities have been classified as non-current.
12.
SHARE CAPITAL
During
the nine months ended September 30, 2023, the Company issued shares for cash under its at-the market agreement (the “ATM”).
In total 124,652 shares were issued for $1,092,915 less share issuance costs of $153,220.
On
June 20, 2023 the Company entered in to a private placement agreement issuing 20,000 units of one common share and one whole Private
Placement Warrant at a strike price of $25.00 with an expiry date of June 20, 2025 for total consideration of $250,000. The fair value
of the Private Placement Warrants at initial recognition was $45,120.
On
September 30, 2023, the Company owed $44,214 worth of stock-based compensation to Company officers. The balance issuable was classified
as an Obligation to issue shares.
Basic
and diluted net loss per share represents the loss attributable to shareholders divided by the weighted average number of shares and
prefunded warrants outstanding during the period on an as converted basis.
Potentially
dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are
as follows (in common equivalent shares):
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF
EARNINGS PER SHARE
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 270,762 | | |
| 197,536 | |
Options | |
| 76,185 | | |
| 12,711 | |
Convertible debentures | |
| 2,020,390 | | |
| 114,892 | |
Total anti-dilutive weighted average shares | |
| 2,367,337 | | |
| 325,139 | |
13.
LEASES
The
Company entered an operating lease for office space. As at September 30, 2023, the remaining lease term is six years and the discount
rate is 7.0%. The Company has no finance leases.
The
components of lease expenses were as follows:
SCHEDULE OF LEASE EXPENSES
| |
Nine months ended September 30, 2023 | | |
Nine months ended September 30, 2022 | |
Operating lease cost | |
$ | 219,018 | | |
$ | 226,098 | |
Short-term lease cost | |
| 3,517 | | |
| 12,630 | |
Total lease expenses | |
$ | 222,535 | | |
$ | 238,728 | |
The
minimum future annual payments under the lease for our continuing operations as at September 30 is as follows:
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE
| |
| | |
Remaining 2023 | |
$ | 68,896 | |
2024 | |
| 280,907 | |
2025 | |
| 296,876 | |
2026 | |
| 296,876 | |
2027 | |
| 296,876 | |
Subsequent years | |
| 519,533 | |
Total minimum lease payments | |
| 1,759,964 | |
Less: imputed interest | |
| (361,688 | ) |
Total lease liability | |
| 1,398,276 | |
Current portion of lease liability | |
| (275,584 | ) |
Non-current portion of lease liability | |
$ | 1,122,692 | |
On
November 1, 2023, the Company terminated its operating lease of its office space and entered in to a short-term lease.
14.
COMMITMENTS AND CONTINGENCIES
Debenture
principal repayments
The
following table summarizes the future principal payments related to our outstanding debt as of September 30, 2023:
SUMMARY OF FUTURE PRINCIPAL PAYMENTS OUTSTANDING
| |
| | |
Remaining 2023 | |
$ | 3,056,307 | |
2024 | |
| 6,395,573 | |
2025 | |
| 1,218,462 | |
Long
Term Debt | |
$ | 10,670,342 | |
Contingencies
Litigation
On August 11, 2023, Mr. Ingo Mueller, the former
Chief Executive Officer and former director of the Company, filed a claim for wrongful dismissal in the BC Supreme Court. On September
8, 2023, the Company filed a reply to this civil claim. The Company’s reply states that the Company’s position is that Mr.
Mueller was terminated for just cause as a result of certain actions taken by
Mr. Mueller which are alleged to constitute breaches of his employment agreement with the Company and violations of the Company’s
corporate governance policies.
The
Company denies any liability to Mr. Mueller in connection with termination of Mr. Mueller’s employment agreement and will vigorously
defend the claims made against the Company. The Company has not recorded a liability related to this claim as we do not believe Mr. Mueller
has any legal or other grounds to pursue this claim nor that he will have any success whatsoever in pursuing it.
15.
SUBSEQUENT EVENTS
The
Company evaluated subsequent events through November 2, 2023, the date on which these interim financial statements were available to
be issued, to ensure that this filing includes appropriate disclosure of events both recognized in the interim financial statements as
of and subsequent to September 30, 2023, but were not recognized in the interim financial statements. Except as disclosed below, there
were no events that required recognition, adjustment or disclosure in the financial statements.
On October 1, 2023, the Company issued 111,419 common shares upon conversion
of convertible debt in lieu of repayment in cash.
On
October 1, 2023, the Company issued 13,644 common shares upon conversion of prefunded warrants.
On
October 12, 2023, the Company was served a legal complaint filed in the Superior Court of California from Stronghold for breach of contract,
breach of covenant of good faith and fair dealing, and common count: goods and services rendered in relation to the purchase and sale
agreement for the Coachella property (Note 3). The Company intends to vigorously defend itself
in this matter; however, we cannot predict the outcome. The Company is unable to estimate the exact amount of loss, its estimated
total exposure ranges from $nil to $452,000.
On
October 18, 2023 one of the Investors purchased an additional tranche totaling $2,750,000
in convertible debentures and received 620,230
warrants. The convertible debentures and warrants
were issued with an exercise price of $2.62.
The issuance of the additional tranche triggered the down round provision, adjusting the exercise prices of the First and Second Tranche
Debentures as well as the First and Second Tranche Debenture Warrants to $2.62
(Note 8 & 11).
On
October 23, 2023, the Company issued 37,251
fractional shares due to the round up from the
reverse stock split.
On
October 30, 2023, one of the Investors converted $50,000 of convertible debentures into 19,084 shares.
On
November 1, 2023, the Company issued 160,500 common shares upon conversion of convertible debt in lieu of repayment in
cash.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Prospective
investors should read the following discussion and analysis of our financial condition and results of operations together with our financial
statements and the related notes and other financial information included elsewhere in this Annual Report. Some of the information contained
in this discussion and analysis or set forth elsewhere in this Annual Report, including information with respect to our plans and strategy
for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary Note Regarding Forward-Looking
Statements.” You should review the “Risk Factors” section of this Annual Report for a discussion of important factors
that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained
in the following discussion and analysis.
Company
History and Our Business
AgriFORCE
Growing Systems Ltd. (“AgriFORCE” or the “Company”) was incorporated as a private company by Articles of Incorporation
issued pursuant to the provisions of the Business Corporations Act (British Columbia) on December 22, 2017. The Company’s registered
and records office address is at 800 – 525 West 8th Avenue, Vancouver, BC, Canada, V5Z 1C6.
AgriFORCE™
is dedicated to positively transforming farm, food, and family every day, everywhere. We aim to achieve this goal by providing novel
agriculturally focused consulting, facility solutions, and products & services through our Solutions division, and by leveraging
innovative technologies and processes to deliver healthier more nutritious food to consumers through our Brands division.
The
AgriFORCE™ Solutions division is dedicated to transforming modern agricultural development “Building from the Seed to Deliver
sustainable, Efficient, and Healthier crops” through our integrated Agtech platform 2.0 combining knowledge and IP with CEA equipment
solutions, including our FORCEGH+™” solution, implementing solutions that are best suited to the crops and environment chosen.
Our
AgriFORCE™ Brands division is focused on the development and commercialization of plant-based ingredients and products that deliver
more nutritious “Food to Table”. We will market and commercialize both branded consumer product offerings and ingredient
supplies.
AgriFORCE
Solutions
Understanding
Our Approach – The AgriFORCE™ Precision Growth Method
Traditional
farming includes three fundamental approaches: outdoor, greenhouse and indoor. AgriFORCE™ introduces a unique fourth method, the
AgriFORCE™ precision growth method, which is informed by cutting-edge science and leveraging the latest advances in artificial
intelligence (AI) and Internet of Things (IoT).
With
a carefully optimized approach to facility design, IoT, AI utilization, nutrient delivery, and micro-propagation, we have devised an
intricate, scientific and high success-oriented approach designed to produce much greater efficacy yields using fewer resources. This
method is intended to outperform traditional growing methods using a specific combination of new and traditional techniques required
to attain this efficiency. We call it precision growth. The AgriFORCE™ precision growth method focuses on addressing some of the
most important legacy challenges in agriculture: environmental impact, operational efficiency and yield volumes.
The
AgriFORCE™ precision growth method presents a tremendous opportunity to positively disrupt all corners of the industry. The market
size of just the nutraceutical and plant-based pharmaceutical and vaccine/therapeutics market is over $500 billion. Including the traditional
hydroponics high value crops and controlled-environment food markets, the addressable market approaches nearly $1 trillion(1)(2)(3).
The
AgriFORCE™ Model – Managing the Difficulties of Agricultural Verticals with Modern Technology and Innovation
Our
intellectual property combines a uniquely engineered facility design and automated growing system to provide a clear solution to the
biggest problems plaguing most high value crop agricultural verticals. It delivers a clean, self-contained environment that maximizes
natural sunlight and offers near ideal supplemental lighting. It also limits human intervention and – crucially – it was
designed to provide superior quality control. It was also created to drastically reduce environmental impact, substantially decrease
utility demands, as well as lower production costs, while delivering customers daily harvests and higher crop yields.
(1)
https://home.kpmg/pl/en/home/insights/2015/04/nutraceuticals-the-future-of-intelligent-food.html
(2)
https://link.springer.com/article/10.1057/jcb.2010.37
(3)
https://medium.com/artemis/lets-talk-about-market-size-316842f1ab27
Our
Position in the Ag-Tech Sector
The
Ag-Tech sector is severely underserved by the capital markets, and we see an opportunity to acquire global companies who have provided
solutions to the industry and are leading innovation moving forward. The robustness of our engagement with potential targets has confirmed
our belief and desire to be part of a larger integrated Ag-Tech solutions provider, where each separate element of the business has its
existing legacy business and can leverage across areas of expertise to expand their business footprint.
The
AgriFORCE™ Grow House
The
Company intends to operate in the plant based pharmaceutical, nutraceutical, and high value crop markets using its unique patented facility
design and hydroponics based automated growing system that enable cultivators to effectively grow crops in a controlled environment (“FORCEGH+™”).
The Company has designed FORCEGH+™ facilities to produce in virtually any environmental condition and to optimize crop yields to
as near their full genetic potential possible while substantially eliminating the need for the use of pesticides, fungicides and/or irradiation.
The
Company continues to develop its solution for fruits and vegetables focusing on the integration of its current structure with a new form
of vertical grow technology.
BUSINESS
PLAN
The
Company is exploring opportunities to utilize its patented grow house structures and automated growing systems to expand its internal
operations as well as external opportunities for joint ventures and licensing.
AgriFORCE
Brands
UN(THINK)™
Foods
The
Company purchased Intellectual Property (“IP”) from Manna Nutritional Group, LLC (“Manna”), a privately held
firm based in Boise, Idaho on September 10, 2021. The IP encompasses a granted patent to naturally process and convert grain, pulses
and root vegetables, resulting in low-starch, low-sugar, high-protein, fiber-rich baking flour as well as produces a natural sweetener
juice. The core process is covered under the Patent Nr. 11,540,538 in the U.S. and key international markets. The all-natural process
is designed to unlock nutritional properties, flavors, and other qualities in a range of modern, ancient and heritage grains, pulses
and root vegetables to create specialized all-natural baking and all-purpose flours, sweeteners, juices, naturally sweet cereals and
other valuation products, providing numerous opportunities for dietary nutritional, performance and culinary applications.
During
the period ended September 30, 2023, the Company has achieved milestones towards the commercialization of our Awakened Grains™
flour, the Company’s first brand to utilize the IP. Management has defined and tested its quality controls and safety protocols
for production, and produced several multi-ton batches of germinated grains, refining and scaling production processes with our partners
in Canada. We are also in the process of qualifying partners in the US to establish additional production hubs which will support growth
and reduce logistics costs for customers in the region. Additionally, we have established our supply chain logistics with a contracted
shipping company and two warehouses in Canada and the US. Our commercial team made progress in defining pricing and is conducting advanced
customer R&D trials to understand how to integrate the product into food suppliers’ manufacturing processes. Online sales logistics
and advertising materials were developed during the period to support the establishment of the direct-to-consumer sales channel. Lastly,
the Company has developed an extensive number of recipes for the application of Awakened Grains™ flour for both customers and consumers.
With
our R&D partners, the Company is developing several finished product prototypes including a line of pancake mixes, which are ready
for consumer testing.
Wheat
and Flour Market
Modern
diet is believed to be a contributor to health risks such as heart disease, cancer, diabetes and obesity, due in part to the consumption
of highly processed foods that are low in natural fiber, protein and nutrition; and extremely high in simple starch, sugar and calories.
These “empty carbs” produce glycemic swings that may cause overeating by triggering cravings for food high in sugar, salt
and starch. As an example, conventional baking flour is low in natural fiber (~ 2-3%), low-to-average in protein (~ 9%), and very high
in starch (~ 75%)(4). Whole wheat flour is only marginally better.
(4)
Based on protein, fiber, and starch content figures from a nationally certified independent laboratory, as compared to standard all-purpose
flour.
In
contrast, foods high in fiber help to satiate hunger, suppress cravings and raise metabolism(5). They also assist in weight
loss, lower cholesterol, and may reduce the risk of cancer, heart disease and diabetes.
Advantages
of the UN(THINK)™ Foods IP
The
Controlled Enzymatic Reaction & Endothermic Saccharification with Managed Natural Germination (“CERES-MNG”)
patented process allows for the development and manufacturing of all-natural flours that are significantly higher in fibers, nutrients
and proteins and significantly lower in carbohydrates and calories than standard baking flour.
CERES-MNG
baking flour produced from soft white wheat has 40 times more fiber, three (3) times more protein and 75% less net carbohydrates than
regular all- purpose flour(6).
Source:
Independent analysis by Eurofins Food Chemistry Testing Madison, Inc, February 2022
The
CERES-MNG patent will help develop new flours and products from modern, ancient and heritage grains, seeds, legumes and tubers/root vegetables.
(5)
https://my.clevelandclinic.org/health/articles/14400-improving-your-health-with-fiber
(6)
Based on protein, fiber, and starch content figures from a nationally certified independent laboratory, as compared to standard all-purpose
flour.
Products
that AgriFORCE™ intends to develop for commercialization from the CERES-MNG patented process under the UN(THINK)™ foods brand:
|
- |
High
protein, high fiber, low carb modern, heritage and ancient grain flours (for use in breads, baked goods, doughs, pastry, snacks,
and pasta) |
|
- |
Protein
flours and protein additives |
|
- |
High
protein, high fiber, low carb cereals and snacks |
|
- |
High
protein, high fiber, low carb oat based dairy alternatives |
|
- |
Better
tasting, cleaner label, high protein, high fiber, low carb nutrition bars |
|
- |
High
protein, high fiber, low carb nutrition juices |
|
- |
Sweeteners
– liquid and granulated |
|
- |
High
protein, high fiber, low carb pet foods and snacks |
We
intend to commercialize these products behind three (3) main sales channels:
|
- |
Ingredients
|
|
- |
Branded
ingredients |
|
- |
Consumer
branded products |
Successful
commercialization of premium specialized products from the UN(THINK)™ foods IP and the capture of a small percentage share of the
category is a notable business opportunity for AgriFORCE™. We estimate potential revenues to be between $500 million and $1 billion
by 2030 (excluding any potential revenues from the Maltose-Power Juice applications).
| |
Breads
&Bakery | | |
Functional
Flours | | |
Pulse
Flours | | |
Dairy
Alternatives | | |
Nutrition
Bars | | |
Total | |
Global
market sizes | |
$ | 222B | | |
$ | 48B | | |
$ | 17B | | |
$ | 6B | | |
$ | 45B | | |
| | |
Potential market share | |
| 0.1 | % | |
| 1 | % | |
| 1 | % | |
| 1 | % | |
| 0.1 | % | |
| | |
Potential
net revenues | |
$ | 100-200M
| | |
$ | 200-480M
| | |
$ | 100-170M | | |
$ | 30-60M | | |
$ | 20-40M | | |
$ | 450-950M | |
Sources:
Grand View Research Reports, San Francisco CA, 2018 Estimates.
Ahead
of setting up a pilot plant in Canada to produce the UN(THINK)™ power wheat flour , we are using our patented process to develop
a gold-standard sprouted wheat flour, which we have qualified and made available for sale through brokers as of January 2023 in Canada
and the USA, under the UN(THINK)™ Awakened Grains™ brand. This new Awakened Grains™ flour – available in 3 types: hard white wheat and hard red wheat for breads and soft white wheat for bakery and
pastries – will provide enhanced nutrition
with over five times more fiber, up to two times more protein and 77% of net carbs versus conventional all purpose flour (source: Eurofins
Food Chemistry Madison, Inc, December 2022).
BUSINESS
PLAN
AgriFORCE™’s
organic growth plan is to actively establish and deploy the commercialization of products in four distinct phases:
PHASE
1 (COMPLETED):
|
● |
Product
and process testing and validation. (completed) |
|
● |
Filing
of US and international patents. (completed) |
|
● |
Conceptual
engineering and preliminary budgeting on commercial pilot plant. (completed) |
|
● |
Creation
of the UN(THINK)™ foods brand. (completed) |
|
● |
Qualification
and operational and commercial set up of the Awakened Grains™ line of products. (completed) |
PHASE
2:
|
● |
Launch
of the UN(THINK)™ Awakened Grains™ lightly germinated flour range of products
in business to business (“B2B”) channel. (complete)
Launch
of the UN(THINK)™ Awakened Grains™ lightly germinated flour range of products in the direct to consumers (“D2C”)
channel. |
|
● |
Design,
build, start-up, and operation of the pilot plant for the fully processed and patented flours. |
|
● |
Develop
range of finished products behind the wheat grain flours, qualify patented process for pulse/legume, and rice-based protein flours. |
|
● |
Develop
relationships with universities to research impact of patented flour on nutrition. |
PHASE
3:
|
● |
Launch
first range of fully patent processed products in US/Canada (UN(THINK)™ power wheat flour). |
|
● |
Drive
business with finished products in D2C, retail, food service. |
|
● |
Drive
business as ingredients for bakery, snack and plant-based protein products manufacturers. |
|
● |
Develop
manufacturing base through partnerships and licensing. |
|
● |
Conceptual
engineering and preliminary budgeting on large-scale processing plant. |
PHASE
4:
|
● |
Expand
product range in US/Canada. |
|
● |
Expand
business to other geographies internationally. |
|
● |
Design,
build, start-up, and operation of large-scale processing plan. |
Radical
Clean Solutions (“RCS”)
RCS
is a US based company that has developed an advanced product line consisting of patent-pending “smart hydroxyl generation systems”
focused on numerous industry verticals that is proven to eliminate 99.99+% of all major pathogens, virus, mold, volatile organic compounds
(VOCs) and allergy triggers(7). Applications for the system range from home, office, medical and senior care facilities to
restaurants, transportation and more. RCS’s goal is to create a safe and healthy world, especially in light of the recent COVID
pandemic.
The
Company has a worldwide licensing agreement with RCS to commercialize their proprietary hydroxyl generating devices within the controlled
environment agriculture (CEA) and food manufacturing industries.
On October 1, 2023, the Company signed a definitive agreement to purchase
14% stake in RCS.
The
Company expects revenue from the sale of RCS devices in late 2023. During the quarter, the Company has signed an exclusive
distribution agreement with a leading distributor of AC and heating solutions in Mexico for the representation and sale of the
AgriFORCE/RCS hydroxyl generating devices for greenhouses and food manufacturing facilities for the territory of Mexico. The first
purchase orders were received in September 2023.
Merger
and Acquisition (“M&A”)
With
respect to M&A growth, the Company is pursuing acquisitions in the agriculture technology and food technology space. The Company
believes that a buy and build strategy will provide unique opportunities for innovation across each segment of the Ag-Tech market we
serve.
Manna
Nutritional Group Asset Acquisition
On
September 10, 2021, the Company signed a definitive asset purchase agreement to acquire food production and processing IP from Manna.
On
May 10, 2022, the Company completed an amendment to its asset purchase agreement with Manna Nutritional Group LLC. The amendment required
the issuance of prefunded warrants instead of shares over several tranches and contained covenants to obtain shareholder approval of
the acquisition transactions before the prefunded warrants can be exercised into Company common shares.
The
transaction was fully approved by the shareholders on December 15, 2022. The Company paid consideration of $1,475,000 in cash and issued
147,600 prefunded warrants valued at $12,106,677 adjusted for foreign exchange differences of $492,300. Subject to a 9.99% stopper
and SEC Rule 144 restrictions, the prefunded warrants will vest in tranches up until March 10, 2024. When vested the tranches of prefunded
warrants will be converted into an equal number of common shares.
(7)
BCI Labs, Gainesville Florida, February 2022; and various institutional studies.
On
January 3, 2023, Manna satisfied all its contractual obligations when the patent was approved by the US Patents Office and title was
transferred to the Company. During the nine months ended September 30, 2023, the Company has issued 102,610 shares upon exercise of
vested tranches of Manna’s prefunded warrants in relation to this transaction. On October 1, 2023, the Company issued an additional
13,645 common shares upon exercise of vested tranches of Manna’s prefunded warrants.
Delphy
Groep BV Acquisition
On
February 10, 2022, the Company signed a definitive share purchase agreement (the “Delphy Agreement”) to acquire Delphy, a
Netherlands-based AgTech consultancy firm, for €23.5 million through a combination of cash and stock. Delphy, which optimizes production
of plant-based foods and flowers, has multi-national operations in Europe, Asia, and Africa, with approximately 200 employees and consultants.
The Delphy Agreement was negotiated at arm’s length and was not a related party transaction.
On
May 25, 2023, the parties mutually terminated the share purchase agreement after extensive due diligence, an evaluation of the historical
and projected financial information, potential for impairment risk as well as current market conditions.
Deroose
Plants NV Binding Letter of Intent
On
February 23, 2022, the Company signed a binding letter of intent (the “Deroose LOI”) with Deroose Plants NV (“Deroose”),
one of the largest tissue culture propagation companies in the world with a leadership position in horticulture, plantation crops, and
fruit and vegetables. Founded in 1980, Deroose has multi-national operations in Europe, North America, and Asia, and over 800 employees.
The
Deroose LOI is subject to completion of standard due diligence and entry into a definitive purchase agreement, which is expected to include
commercially standard terms and conditions, including, but not limited to, representations and warranties, covenants, events of default
and conditions to closing.
Neither
party has provided notice to terminate the agreement.
Stronghold
Land Acquisition
On
August 30, 2022, the Company entered into a Purchase and Sale Agreement (“PSA”) with Stronghold Power Systems, Inc. (“Stronghold”)
to purchase approximately 34 acres of land in Coachella California. The purchase price was $4,300,000, payable as follows: (i) $1,500,000
in cash and (ii) $2,800,000 in restricted shares of common stock of the Company. The stock was issued in the form of prefunded warrants
in two tranches: (i) $1,700,000 (13,917 prefunded warrants) issued within five days of entry into the PSA, and (ii) $1,100,000 (9,005
prefunded warrants) at closing of the transaction. The first tranche, issued during the first quarter, was voided on March 31, 2023 when
closing of the transaction did not occur. The prefunded warrants per share exercise price was $122.15 which was subject to certain adjustments.
Issuance of all securities in this transaction were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as
amended. Under the terms of the agreement, Stronghold was to complete certain permitting, zoning, and infrastructure work by March 31,
2023, to close the transaction.
As
at March 31, 2023 the prefunded warrants issued were rescinded and the warrants were rendered null and void as the Company presented
termination notice to Stronghold.
On
October 12, 2023, the Company was served a complaint filed in the Superior Court of California from Stronghold for breach of contract
in relation to the PSA. The Company denies any liability, other than what is already recorded in
the financial statements and will vigorously defend the claims made against the Company.
Berry
People LLC Binding Letter of Intent
On
January 24, the Company announced it has entered a binding letter of intent (“BP LOI”) to acquire Berry People LLC, (“Berry
People”), a berry business with an increasingly international footprint and a scalable business model. The acquisition bolsters
the AgriFORCE™ Brands division and allows the Company to realize commercial synergies with UN(THINK)™.
Berry
People was founded in 2017 by berry industry veterans to create a new platform to meet market demand for a branded, year-round supply
of organic and conventional berries. Berry People quickly established a recognized global trade brand and scalable operations, comprised
of over 200 retail and foodservice clients and over 100 grower and exporter clients across the US, Canada, Mexico, and Peru. Berry People
had net revenues of USD $35.4 (unaudited) million for the year ended December 31, 2022.
The
BP LOI states, among other things that:
|
● |
the
transaction will be subject to completion of due diligence to the Company’s satisfaction and, after satisfactory due diligence,
the reaching of agreement on the terms of the purchase pursuant to a definitive purchase agreement, including conditions precedent
for closing of the transaction; |
|
● |
the
parties will sign the definitive purchase agreement no later than April 30, 2023(8), unless agreed to by both parties;
and |
|
● |
Berry
People will not enter any negotiations with other parties for a period of three months following the execution of the BP LOI. |
(8)
Berry People and the Company mutually agreed to be amended the long stop date to August 31, 2023
The
BP LOI sets forth a proposed purchase price of $28.0 million, consisting of $18.2 million in cash and $9.8 million in AgriFORCE™
restricted shares, which will be paid at closing to acquire 70% of Berry People’s equity interests. Berry People will have the
opportunity for future earnouts during the five years after closing based on future revenue and EBITDA targets associated with agreed
upon growth targets.
In
collaboration with AgriFORCE™, Berry People aims to further develop backward integration into agricultural production via farming
joint ventures and deploy licensed and developed IP as part of a scalable franchising model. The berries market was $9.65 billion in
2021 in the U.S. alone, with growth rates of around 10% or more each year since 2019(9)— a trend that is expected to
continue.
(9)
As per IRI Integrated Fresh, Latest 52 WE 3/20/2022
Recent
Developments
On
July 18, 2023, the Company announced a restructuring of management. Ingo Mueller departed from his position as CEO and Chair of the
Board. Richard Wong was concurrently appointed as interim CEO, and David Welch and John Meekison each assumed the role of Co-Chair
of the Board. Ingo Mueller served as a director of the Company until the shareholder meeting dated September 27, 2023 at which time
he was not re-elected and ceased to serve as a director. The Company is currently evaluating options regarding the appointment of a
fulltime CEO.
Status
as an Emerging Growth Company
On
April 5, 2012, the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, was enacted. Section 107 of the JOBS Act provides that
an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities
Act of 1933, as amended, or the Securities Act, for complying with new or revised accounting standards. In other words, an “emerging
growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We have irrevocably elected to avail ourselves of this extended transition period and, as a result, we will adopt new or revised accounting
standards on the relevant dates on which adoption of such standards is required for private companies.
We
are in the process of evaluating the benefits of relying on other exemptions and reduced reporting requirements provided by the JOBS
Act. Subject to certain conditions set forth in the JOBS Act, as an “emerging growth company,” we intend to rely on certain
of these exemptions from, without limitation, (i) providing an auditor’s attestation report on our system of internal controls
over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying with any requirement that may be adopted
by the Public Company Accounting Oversight Board (PCAOB) regarding mandatory audit firm rotation or a supplement to the auditor’s
report providing additional information about the audit and the financial statements, known as the auditor discussion and analysis. We
will remain an “emerging growth company” until the earliest of (a) the last day of our fiscal year following the fifth anniversary
of the closing of the initial public offering, (b) the last day of the first fiscal year in which our annual gross revenues exceed $1.07
billion, (c) the last day of our fiscal year in which we are deemed to be a “large accelerated filer” as defined in Rule
12b-2 under the Securities Exchange Act of 1934, or Exchange Act (which would occur if the market value of our equity securities that
is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter), or
(d) the date on which we have issued more than $1 billion in nonconvertible debt during the preceding three-year period.
FOR
THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2023 AND 2022
Results
of Operations
The
following discussion should be read in conjunction with the condensed unaudited financial statements for the interim periods ended September
30, 2023 and 2022 respectively, included in this report.
Revenues
The
Company has generated no revenue since inception.
Operating
Expenses
Operating
expenses decreased in the three months ended September 30, 2023 as compared to September 30, 2022 by $1,778,223 or 52%, primarily due to the
following:
● |
Professional fees decreased $899,542 due to a significant decrease in M&A spending during Q3 2023 as a result of the Company focusing on organic growth of currently active ventures. |
● |
Consulting decreased $375,386 due to a significant decrease in M&A spending during Q3 2023 as a result of the Company focusing on organic growth of currently active ventures. |
● |
Office and administrative decreased $164,579 due to overall cost cutting initiatives during Q3 2023. |
● |
Research and development decreased $137,962 due to the a reduction in product research and development. |
● |
Wages and salaries decreased $92,268 due to lower executive compensation
as well as a reduction in staff head count in Q3 2023. |
● |
Share based compensation decreased $88,483 due to a significant amount
of option forfeitures from lower employee head count. |
● |
Sales and marketing decreased $84,508 due to significant reductions in public relations agency and social media contracted fees from cost cutting initiatives. |
● |
Travel and entertainment decreased $52,091 due to a reduction in travel for foreign business development. |
● |
Investor and public relations decreased $50,180 due to more investor and public relations advisory services utilized in 2022 for communication on M&A targets than in Q3 2023. |
This
was partially offset by the following:
● |
Depreciation
and amortization increased $165,382 due to the beginning of amortization of the intangible asset which became available for use
in January 2023. |
● |
All
other items aggregate to $1,394. |
Operating
expenses decreased in the nine months ended September 30, 2023 as compared to September 30, 2022 by $3,024,149 or 29%, primarily due to the following:
● |
Professional fees decreased $1,032,592 due to a significant decrease in
M&A spending during 2023 as a result of the Company focusing on organic growth of currently active ventures. |
● |
Consulting decreased $998,784 due to a significant decrease in M&A
spending during 2023 as a result of the Company focusing on organic growth of currently active ventures. |
● |
Research
and development decreased $515,460 due to limited work during 2023 as compared to expenditures paid to RCS in 2022 as well as
design and construction fees that were only incurred in 2022. |
● |
Investor and public relations decreased $267,239 due to more investor and
public relations advisory services utilized in 2022 for communication. |
● |
Wages and salaries decreased $202,138 due to lower executive compensation
as well as a reduction in staff head count in 2023. |
● |
Office and administrative decreased $165,940 due to overall cost cutting
initiatives during 2023. |
● |
Share based compensation decreased $140,021 due to a significant amount
of option forfeitures from lower employee head count in 2023. |
● |
Travel and entertainment decreased $109,787 due to a reduction in travel
expenses for M&A targets. |
This
was partially offset by the following:
● |
Depreciation
and amortization increased by $496,989 due to the beginning of amortization of the intangible asset which became available for use
in January 2023. |
● |
All
other items aggregate to $89,177. |
Other
(Income) / Expenses
Other expenses for the three months ended September
30, 2023 increased primarily due to the change in fair value of derivative liabilities of $1,138,985 caused by significant conversions
in Q3 2023 versus Q3 2022, accretion interest on debentures of $376,264 from two tranches of debentures in 2023 versus one tranche in
2022 and an increase in the loss on debt conversion of $202,098 due to debt repayments being made via share issuance in lieu of cash.
All other items aggregate to $157,299.
Other expense for the nine months ended September
30, 2023 increased primarily due to the increase accretion interest on debentures of $4,356,542 from two tranches of debentures versus
one in 2022, the loss on debt conversions of $635,703 due to several debt repayments being made via share issuance in lieu of cash. This
was offset by the change in fair value of derivative liabilities of $4,475,578 from a significant decrease in securities price during
the period. All other items aggregate to $127,059.
Liquidity
and Capital Resources
The
Company’s primary need for liquidity is to fund working capital requirements, capital expenditures, and for general corporate purposes.
The Company’s ability to fund operations and make planned capital expenditures and debt service obligations depends on future operating
performance and cash flows, which are subject to prevailing economic conditions, financial markets, business and other factors. We have
recorded a net loss of $7,740,078 for the nine months ended September 30, 2023, and a net loss of $10,120,501 for the nine months ended
September 30, 2022. We have recorded an accumulated deficit of $40,514,172 as of September 30, 2023 and $32,774,094 as of December 31, 2022.
Net cash used in operating activities for the nine months ended September 30, 2023 and September 30, 2022 was $5,437,592 and $9,061,726, respectively.
The
Company held $586,565 in cash at September 30, 2023 as compared to $2,269,320 at December 31, 2022.
Our
future capital requirements will depend on many factors, including:
● |
the
cost and timing of our regulatory activities, especially the process to obtain regulatory approval for our intellectual properties
in the U.S. and in foreign countries |
● |
the
costs of R&D activities we undertake to further develop our technology |
● |
the
costs of constructing our grow houses, including any impact of complications, delays, and other unknown events |
● |
the
costs of commercialization activities, including sales, marketing and production |
● |
the
level of working capital required to support our growth |
● |
our
need for additional personnel, information technology or other operating infrastructure to support our growth and operations as a
public company |
● |
completion
of planned acquisitions |
The
accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction
of liabilities in the normal course of business. The financial statements do not include any adjustments relating to the recoverability
and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this
uncertainty. The Company is at the stage of development of its first facility and other IP. As such it is likely that additional financing
will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial
doubt about the Company’s ability to continue as a going concern.
For
the next twelve months from issuance of these financial statements, the Company will seek to obtain additional capital through the sale
of debt or equity financings or other arrangements to fund operations; however, there can be no assurance that the Company will be able
to raise needed capital under acceptable terms, if at all. The sale of additional equity may dilute existing shareholders and newly issued
shares may contain senior rights and preferences compared to currently outstanding common shares. Issued debt securities may contain
covenants and limit the Company’s ability to pay dividends or make other distributions to shareholders. If the Company is unable
to obtain such additional financing, future operations would need to be scaled back or discontinued. Due to the uncertainty in the Company’s
ability to raise capital, management believes that there is substantial doubt in the Company’s ability to continue as a going concern
for twelve months from the issuance of these financial statements.
Cash
Flows
The net cash used by operating activities for the nine months ended September
30, 2023 was $5,437,592 compared to $9,061,726 for the nine months ended September 30, 2022. The change of $3,624,134 was primarily due
to the following:
● |
A
decrease in net loss of $2,380,423 due to operating expenses noted above. |
● |
A favorable change in working capital of $992,009 driven by a delay in payment of trade payables as part of a cash
savings initiative and the utilization of a prepaid retainer balance for investor relations services as well as amortization of deferred
offering costs for usage of the ATM in 2023. |
● |
All other items aggregate to $251,702. |
There
was $nil cash used in investing activities for the nine months ended September 30, 2023. The net cash used in investing activities for nine months ended September 30, 2022 was related to the payment
against acquisition of IP intangible asset of $500,000 and acquisition of equipment and leasehold improvements amounting to $93,259
and $50,000 paid for construction in progress. This was partially offset by $20,000 of the refundable portion of a deposit for the
Coachella, California property in which escrow was closed.
Net
cash provided by financing activities for the nine months ended September 30, 2023, represents net proceeds from debentures of $4,615,385
as well as common shares issued for cash of $1,342,915. This was partially offset by repayments on convertible debentures of $1,741,950,
financing costs of debentures of $325,962 and share issuance costs of $153,220. Net cash used in financing activities for the nine months
ended September 30, 2022 represents net proceeds from debentures of $12,750,000. This was partially offset by financing costs of debentures
of $1,634,89 as well as repayments of principal and interest on convertible debentures of $1,122,000 and $173,376, respectively.
Recent
Financings
On
January 17, 2023, the Debenture Investors purchased additional tranches totaling $5,076,923 and received 53,226 warrants. The convertible
Debentures and Debenture Warrants were issued with an exercise price of $62.00. The issuance of the additional tranches triggered the
down round provision, adjusting the exercise prices of the First Tranche Debentures and the First Tranche Debenture Warrants to $62.00.
On June 20, 2023 the Company entered in to a private placement agreement
to issue 20,000 common shares with an additional 20,000 warrants for total consideration of $250,000.
During
the nine months ended September 30, 2023, the Company issued 124,652 common shares for cash under the ATM agreement net of issuance
costs for a total of $939,695. The issuance further triggered the down round provision, adjusting the exercise prices of the First
and Second Tranche Debentures as well as the First and Second Tranche Debenture Warrants to $5.50.
On October 18, 2023, a Debenture Investor purchased
an additional tranche totaling $2,750,000 in convertible debentures and received 620,230 warrants. The convertible Debentures and Debenture
Warrants were issued with an exercise price of $2.62. The issuance of the additional tranche further triggered the down round provision,
adjusting the exercise prices of the First and Second Tranche Debentures as well as the First and Second Tranche Debenture Warrants to
$2.62.
Off
Balance Sheet Arrangements
None.
Significant
Accounting Policies
See
the footnotes to our unaudited financial statements for the nine months ended September 30, 2023 and 2022, included with this quarterly
report.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled
disclosure reporting obligations and therefore are not required to provide the information requested by this item.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures.
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f)
and 15d-15(f) under the Exchange Act. Our management is also required to assess and report on the effectiveness of our internal control
over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (“Section 404”). Our internal control
over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes of accounting principles generally accepted in the United States. Management
assessed the effectiveness of our internal control over financial reporting as of September 30, 2023. In making this assessment, we used
the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control - Integrated
Framework in the 2013 COSO framework. Based on this assessment, management concluded that our disclosure controls and procedures were
effective.
Changes
in Internal Controls.
There
have been no changes in our internal control over financial reporting during the quarter ended September 30, 2023, that have materially
affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
Limitations
on Effectiveness of Controls and Procedures
Our
disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving
the desired control objectives. Our management recognizes that any control system, no matter how well designed and operated, is based
upon certain judgments and assumptions and cannot provide absolute assurance that its objectives will be met. In addition, the design
of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply
judgment in evaluating the benefits of possible controls and procedures relative to their costs. Similarly, an evaluation of controls
cannot provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of
fraud, if any, have been detected.
PART
II — OTHER INFORMATION
Item
1. Legal Proceedings
For
a discussion of legal proceedings, see Note 14 and 15 to the unaudited condensed consolidated financial statements included under Part I, Item
1 of this report.
Item
1A. Risk Factors
As
a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and in Item 10(f)(1) of Regulation S-K, we are electing scaled
disclosure reporting obligations and therefore are not required to provide the information requested by this item.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
On
January 1, 2023, the Company issued 250 common shares to a consultant.
On
January 3, 2023, the Company issued 32,742 common shares upon conversion of prefunded warrants.
On
January 17, 2023, the Company issued 5,000 common shares upon conversion of convertible debt.
On
January 23, 2023, the Company issued 7,000 common shares upon conversion of convertible debt.
On
January 24, 2023, the Company issued 2,016 common shares upon conversion of convertible debt.
On
March 2, 2023, the Company issued 200 common shares upon conversion of convertible debt.
On
March 31, 2023, the Company issued 3,118 common shares as part of compensation to Company officers.
On
March 31, 2023, the Company issued 50 common shares to a consultant.
On
April 1, 2023, the Company issued 3,876 common shares upon conversion of prefunded warrants.
On
April 1, 2023, the Company issued 250 common shares to a consultant.
On
June 1, 2023, the Company issued 36,111 common shares upon conversion of convertible debt.
On
June 12, 2023, the Company issued 6,332 common shares upon conversion of prefunded warrants.
On
June 20, 2023, the Company issued 20,000 common shares to a shareholder in a private placement.
On
July 1, 2023, the Company issued 68,645 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
July 1, 2023, the Company issued 100 common shares to a consultant.
On
July 1, 2023, the Company issued 7,908 common shares upon conversion of prefunded warrants.
On
July 6, 2023, the Company issued 16,645 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
July 13, 2023, the Company issued 9,596 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
July 31, 2023, the Company issued 4,654 common shares as part of compensation to Company officers.
On
July 31, 2023, the Company issued 250 common shares to a consultant.
On
August 1, 2023, the Company issued 109,561 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
August 2, 2023, the Company issued 13,207 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
August 10, 2023, the Company issued 26,356 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
August 31, 2023, the Company issued 7,993 common shares as part of compensation to Company officers and employees.
On
September 1, 2023, the Company issued 126,400 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
September 12, 2023, the Company issued 26,534 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
September 12, 2023, the Company issued 51,752 common shares upon conversion of prefunded warrants.
On
September 14, 2023, the Company issued 25,160 common shares upon conversion of convertible debt in lieu of repayment in cash.
On
September 30, 2023, the Company issued 19,242 common shares as part of compensation to Company officers and employees.
On
October 1, 2023, the Company issued 111,419 common shares upon conversion of convertible debt in lieu of repayment in
cash.
On
October 1, 2023, the Company issued 13,644 common shares upon conversion of prefunded warrants.
On October 18, 2023, a Debenture Investor purchased an additional tranche totaling $2,750,000 in convertible
debentures and received 620,230 warrants. The convertible Debentures and Debenture Warrants were issued with an exercise price of $2.62.
The issuance of the additional tranche further triggered the down round provision, adjusting the exercise prices of the First and Second
Tranche Debentures as well as the First and Second Tranche Debenture Warrants to $2.62.
On
October 30, 2023, the Company issued 19,084 common shares upon conversion of convertible debt.
On
November 1, 2023, the Company issued 160,500 common shares upon conversion of convertible debt in lieu of repayment in
cash.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
*
|
Furnished
herewith |
**
|
Filed
herein |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
AGRIFORCE
GROWING SYSTEMS, LTD. |
|
|
|
Date:
November 2, 2023 |
By: |
/s/
Richard Wong |
|
Name: |
Richard
Wong |
|
Title: |
Interim
Chief Executive Officer and Chief Financial Officer |
Exhibit
31.1
CERTIFICATION
OF PRINCIPAL EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT
TO SECTION 302 OF THE
SARBANES-OXLEY
ACT OF 2002
I,
Richard Wong, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of AgriFORCE Growing Systems, Ltd.;
2.
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect
to the period covered by this quarterly report;
3.
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented
in this quarterly report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal controls over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly for the period in which this quarterly report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal
control over financial reporting. |
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s
auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function):
|
a) |
all
significant deficiencies and material weaknesses in the design or operation of internal controls which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b) |
any
fraud, whether material, that involves management or other employees who have a significant role in the registrant’s internal
controls over financial reporting. |
Dated:
November 2, 2023 |
By: |
/s/
Richard Wong |
|
|
Richard
Wong |
|
|
Interim
Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
About
the Quarterly Report of AgriFORCE Growing Systems, Ltd. (the “Company”) on Form 10-Q for the period ended September 30, 2023
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Richard Wong, Interim Chief Executive
Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, certifies,
pursuant to 18 U.S.C. section 1350 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
Date:
November 2, 2023 |
By: |
/s/
Richard Wong |
|
|
Richard
Wong |
|
|
Interim
Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial and Accounting Officer) |
A
signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting
the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 02, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-40578
|
|
Entity Registrant Name |
AGRIFORCE
GROWING SYSTEMS LTD.
|
|
Entity Central Index Key |
0001826397
|
|
Entity Incorporation, State or Country Code |
A1
|
|
Entity Address, Address Line One |
800
– 525 West 8th Avenue
|
|
Entity Address, City or Town |
Vancouver
|
|
Entity Address, State or Province |
BC
|
|
Entity Address, Country |
CA
|
|
Entity Address, Postal Zip Code |
V5Z
1C6
|
|
City Area Code |
(604)
|
|
Local Phone Number |
757-0952
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
true
|
|
Elected Not To Use the Extended Transition Period |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
1,413,511
|
Common Shares [Member] |
|
|
Title of 12(b) Security |
Common
Shares
|
|
Trading Symbol |
AGRI
|
|
Security Exchange Name |
NASDAQ
|
|
Series A Warrants [Member] |
|
|
Title of 12(b) Security |
Series
A Warrants
|
|
Trading Symbol |
AGRIW
|
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Security Exchange Name |
NASDAQ
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v3.23.3
Condensed Consolidated Interim Balance Sheets
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Current |
|
|
|
Cash and cash equivalents |
|
$ 586,565
|
$ 2,269,320
|
Other receivable |
|
74,735
|
48,941
|
Prepaid expenses and other current assets (Note 3) |
|
242,033
|
598,342
|
Inventories (Note 4) |
|
38,167
|
|
Advance (Note 5) |
|
218,934
|
|
Total current assets |
|
1,160,434
|
2,916,603
|
Non-current |
|
|
|
Property and equipment, net |
|
92,482
|
121,672
|
Intangible asset (Note 6) |
|
12,620,896
|
13,089,377
|
Operating lease right-of-use asset |
|
1,406,060
|
1,540,748
|
Construction in progress |
|
2,056,459
|
2,092,533
|
Land deposit (Note 3) |
|
|
2,085,960
|
Total assets |
|
17,336,331
|
21,846,893
|
Current |
|
|
|
Accounts payable and accrued liabilities (Note 7) |
|
1,891,589
|
1,147,739
|
Debentures (Note 8 and 14) |
|
4,669,944
|
3,941,916
|
Contract liabilities (Note 9) |
|
23,262
|
|
Lease liability – current (Note 13) |
|
275,584
|
271,110
|
Total current liabilities |
|
6,860,379
|
5,360,765
|
Non-current |
|
|
|
Lease liability – non-current (Note 13) |
|
1,122,692
|
1,250,060
|
Derivative liabilities (Note 11) |
|
1,958,568
|
4,649,115
|
Long term loan (Note 10) |
|
44,379
|
44,300
|
Total liabilities |
|
9,986,018
|
11,304,240
|
Commitments and contingencies (Note 14) |
|
|
|
Shareholders’ equity |
|
|
|
Common shares, no par value per share – unlimited shares authorized; 1,071,516 and 315,916 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
[1] |
41,891,730
|
27,142,762
|
Obligation to issue shares |
|
44,214
|
|
Additional paid-in-capital |
|
6,486,532
|
16,816,695
|
Accumulated deficit |
|
(40,514,172)
|
(32,774,094)
|
Accumulated other comprehensive income |
|
(557,991)
|
(642,710)
|
Total shareholders’ equity |
|
7,350,313
|
10,542,653
|
Total liabilities and shareholders’ equity |
|
$ 17,336,331
|
$ 21,846,893
|
|
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v3.23.3
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|
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Subsequent Event [Line Items] |
|
|
Common stock, no par value |
$ 0
|
$ 0
|
Common stock, shares authorized |
Unlimited
|
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|
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1,071,516
|
315,916
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|
315,916
|
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v3.23.3
Condensed Consolidated Interim Statements of Comprehensive Loss (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
OPERATING EXPENSES |
|
|
|
|
|
Wages and salaries |
|
$ 603,242
|
$ 695,510
|
$ 2,319,026
|
$ 2,521,164
|
Consulting |
|
147,190
|
522,576
|
1,032,210
|
2,030,994
|
Professional fees |
|
277,694
|
1,177,236
|
1,026,044
|
2,058,636
|
Office and administrative |
|
191,829
|
356,408
|
821,358
|
987,298
|
Share based compensation |
|
80,537
|
169,020
|
565,861
|
705,882
|
Depreciation and amortization |
|
172,096
|
6,714
|
512,695
|
15,706
|
Investor and public relations |
|
61,319
|
111,499
|
451,184
|
718,423
|
Lease expense |
|
73,261
|
79,293
|
222,535
|
238,728
|
Sales and marketing |
|
11,242
|
95,750
|
173,568
|
186,132
|
Shareholder and regulatory |
|
35,857
|
28,431
|
114,674
|
175,094
|
Travel and entertainment |
|
3,813
|
55,904
|
104,938
|
214,725
|
Research and development |
|
(27,046)
|
110,916
|
22,312
|
537,772
|
Operating loss |
|
(1,631,034)
|
(3,409,257)
|
(7,366,405)
|
(10,390,554)
|
OTHER EXPENSES |
|
|
|
|
|
Accretion of interest on debentures (Note 8) |
|
2,064,936
|
1,688,672
|
6,045,214
|
1,688,672
|
Loss (gain) on conversion of convertible debt (Note 8) |
|
108,125
|
(93,973)
|
541,730
|
(93,973)
|
Change in fair value of derivative liabilities (Note 11) |
|
(326,042)
|
(1,465,027)
|
(6,159,067)
|
(1,683,489)
|
Foreign exchange loss (gain) |
|
25,472
|
(104,468)
|
(1,317)
|
(143,432)
|
Write-off of deposit (Note 3) |
|
|
|
12,000
|
|
Other income |
|
(10,472)
|
(37,831)
|
(64,887)
|
(37,831)
|
Net loss |
|
(3,493,053)
|
(3,396,630)
|
(7,740,078)
|
(10,120,501)
|
Other comprehensive income (loss) |
|
|
|
|
|
Foreign currency translation |
|
(226,286)
|
(566,414)
|
84,719
|
(599,507)
|
Comprehensive loss attributable to common shareholders |
|
$ (3,719,339)
|
$ (3,963,044)
|
$ (7,655,359)
|
$ (10,720,008)
|
Basic net loss attributed to common share |
[1] |
$ (4.03)
|
$ (8.31)
|
$ (12.58)
|
$ (29.07)
|
Diluted net loss attributed to common share |
[1] |
$ (4.03)
|
$ (8.31)
|
$ (12.58)
|
$ (29.07)
|
Weighted average number of common shares outstanding - basic |
[1] |
867,110
|
408,702
|
615,152
|
348,133
|
Weighted average number of common shares outstanding - diluted |
[1] |
867,110
|
408,702
|
615,152
|
348,133
|
|
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v3.23.3
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Obligation to Issue Shares [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 25,637,543
|
[1] |
$ 2,203,343
|
$ 93,295
|
$ (19,900,992)
|
$ (33,086)
|
$ 8,000,103
|
Balance, shares at Dec. 31, 2021 |
[1] |
303,534
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
$ 131,532
|
[1] |
|
|
|
|
131,532
|
Shares issued for conversion of convertible debt, shares |
[1] |
1,351
|
|
|
|
|
|
|
Shares issued for compensation |
|
$ 432,054
|
[1] |
|
|
|
|
432,054
|
Shares issued for compensation, shares |
[1] |
3,692
|
|
|
|
|
|
|
Shares issued for consulting services |
|
$ 801,457
|
[1] |
|
(93,295)
|
|
|
708,162
|
Shares issued for consulting services, shares |
[1] |
5,195
|
|
|
|
|
|
|
Share based compensation |
|
|
[1] |
282,828
|
|
|
|
282,828
|
Net loss |
|
|
[1] |
|
|
(10,120,501)
|
|
(10,120,501)
|
Foreign currency translation |
|
|
[1] |
|
|
|
(599,507)
|
(599,507)
|
Prefunded warrants issued |
|
|
[1] |
11,082,546
|
|
|
|
11,082,546
|
Balance at Sep. 30, 2022 |
|
$ 27,002,586
|
[1] |
13,568,717
|
|
(30,021,493)
|
(632,593)
|
9,917,217
|
Balance, shares at Sep. 30, 2022 |
[1] |
313,772
|
|
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 25,637,543
|
[1] |
2,203,343
|
93,295
|
(19,900,992)
|
(33,086)
|
8,000,103
|
Balance, shares at Dec. 31, 2021 |
[1] |
303,534
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 27,142,762
|
[1] |
16,816,695
|
|
(32,774,094)
|
(642,710)
|
10,542,653
|
Balance, shares at Dec. 31, 2022 |
[1] |
315,916
|
|
|
|
|
|
|
Balance at Jun. 30, 2022 |
|
$ 26,710,990
|
[1] |
10,123,315
|
|
(26,624,863)
|
(66,179)
|
10,143,263
|
Balance, shares at Jun. 30, 2022 |
[1] |
310,293
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
$ 131,532
|
[1] |
|
|
|
|
131,532
|
Shares issued for conversion of convertible debt, shares |
[1] |
1,351
|
|
|
|
|
|
|
Shares issued for compensation |
|
$ 100,564
|
[1] |
|
|
|
|
100,564
|
Shares issued for compensation, shares |
[1] |
1,528
|
|
|
|
|
|
|
Shares issued for consulting services |
|
$ 59,500
|
[1] |
|
|
|
|
59,500
|
Shares issued for consulting services, shares |
[1] |
600
|
|
|
|
|
|
|
Share based compensation |
|
|
[1] |
68,456
|
|
|
|
68,456
|
Net loss |
|
|
[1] |
|
|
(3,396,630)
|
|
(3,396,630)
|
Foreign currency translation |
|
|
[1] |
|
|
|
(566,414)
|
(566,414)
|
Prefunded warrants issued |
|
|
[1] |
3,376,946
|
|
|
|
3,376,946
|
Balance at Sep. 30, 2022 |
|
$ 27,002,586
|
[1] |
13,568,717
|
|
(30,021,493)
|
(632,593)
|
9,917,217
|
Balance, shares at Sep. 30, 2022 |
[1] |
313,772
|
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 27,142,762
|
[1] |
16,816,695
|
|
(32,774,094)
|
(642,710)
|
10,542,653
|
Balance, shares at Dec. 31, 2022 |
[1] |
315,916
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
$ 4,756,872
|
[1] |
|
|
|
|
4,756,872
|
Shares issued for conversion of convertible debt, shares |
[1] |
472,431
|
|
|
|
|
|
|
Shares issued for compensation |
|
$ 311,190
|
[1] |
|
44,214
|
|
|
355,404
|
Shares issued for compensation, shares |
[1] |
35,007
|
|
|
|
|
|
|
Shares issued for cash, net of issuance costs |
|
$ 939,695
|
[1] |
|
|
|
|
$ 939,695
|
Shares issued for cash, net of issuance costs, shares |
|
124,652
|
[1] |
|
|
|
|
102,610
|
Shares issued for consulting services |
|
$ 80,885
|
[1] |
|
|
|
|
$ 80,885
|
Shares issued for consulting services, shares |
[1] |
900
|
|
|
|
|
|
|
Shares issued on conversion of vested prefunded warrants |
|
$ 8,455,446
|
[1] |
(8,455,446)
|
|
|
|
|
Shares issued on conversion of vested prefunded warrants, shares |
[1] |
102,610
|
|
|
|
|
|
|
Share based compensation |
|
|
[1] |
211,243
|
|
|
|
211,243
|
Net loss |
|
|
[1] |
|
|
(7,740,078)
|
|
(7,740,078)
|
Foreign currency translation |
|
|
[1] |
|
|
|
84,719
|
84,719
|
Shares issued in private placement |
|
$ 204,880
|
[1] |
|
|
|
|
204,880
|
Shares issued in private placement, shares |
[1] |
20,000
|
|
|
|
|
|
|
Cancelled prefunded warrants |
|
|
[1] |
(2,085,960)
|
|
|
|
(2,085,960)
|
Balance at Sep. 30, 2023 |
|
$ 41,891,730
|
[1] |
6,486,532
|
44,214
|
(40,514,172)
|
(557,991)
|
7,350,313
|
Balance, shares at Sep. 30, 2023 |
[1] |
1,071,516
|
|
|
|
|
|
|
Balance at Jun. 30, 2023 |
|
$ 33,086,067
|
[1] |
11,478,156
|
97,837
|
(37,021,119)
|
(331,705)
|
7,309,236
|
Balance, shares at Jun. 30, 2023 |
[1] |
454,335
|
|
|
|
|
|
|
Shares issued for conversion of convertible debt |
|
$ 3,013,171
|
[1] |
|
|
|
|
3,013,171
|
Shares issued for conversion of convertible debt, shares |
[1] |
422,104
|
|
|
|
|
|
|
Shares issued for compensation |
|
$ 205,678
|
[1] |
|
(53,623)
|
|
|
152,055
|
Shares issued for compensation, shares |
[1] |
31,890
|
|
|
|
|
|
|
Shares issued for cash, net of issuance costs |
|
$ 640,096
|
[1] |
|
|
|
|
640,096
|
Shares issued for cash, net of issuance costs, shares |
[1] |
103,177
|
|
|
|
|
|
|
Shares issued for consulting services |
|
$ 27,150
|
[1] |
|
|
|
|
27,150
|
Shares issued for consulting services, shares |
[1] |
350
|
|
|
|
|
|
|
Shares issued on conversion of vested prefunded warrants |
|
$ 4,919,568
|
[1] |
(4,919,568)
|
|
|
|
|
Shares issued on conversion of vested prefunded warrants, shares |
[1] |
59,660
|
|
|
|
|
|
|
Share based compensation |
|
|
[1] |
(72,056)
|
|
|
|
(72,056)
|
Net loss |
|
|
[1] |
|
|
(3,493,053)
|
|
(3,493,053)
|
Foreign currency translation |
|
|
[1] |
|
|
|
(226,286)
|
(226,286)
|
Balance at Sep. 30, 2023 |
|
$ 41,891,730
|
[1] |
$ 6,486,532
|
$ 44,214
|
$ (40,514,172)
|
$ (557,991)
|
$ 7,350,313
|
Balance, shares at Sep. 30, 2023 |
[1] |
1,071,516
|
|
|
|
|
|
|
|
|
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Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss for the period |
$ (7,740,078)
|
$ (10,120,501)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
512,695
|
15,706
|
Share based compensation |
211,243
|
282,828
|
Shares issued for consulting services |
80,885
|
708,162
|
Shares issued for compensation |
355,404
|
432,054
|
Loss (gain) on debt conversion |
541,730
|
(93,973)
|
Amortization of debt issuance costs |
5,873,396
|
1,515,296
|
Change in fair value of derivative liabilities |
(6,159,067)
|
(1,683,489)
|
Write-off of deposit |
12,000
|
|
Changes in operating assets and liabilities: |
|
|
Other receivables |
(25,794)
|
(14,411)
|
Prepaid expenses and other current assets |
344,309
|
(60,914)
|
Inventories |
(38,167)
|
|
Advance |
(225,000)
|
|
Accounts payable and accrued liabilities |
783,725
|
(35,791)
|
Right-of-use asset |
134,688
|
249,038
|
Lease liabilities |
(122,894)
|
(255,731)
|
Contract liabilities |
23,333
|
|
Net cash used in operating activities |
(5,437,592)
|
(9,061,726)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Payment towards acquisition of intangibles |
|
(500,000)
|
Acquisition of equipment and leasehold improvements |
|
(93,259)
|
Deposit for purchase of land |
|
20,000
|
Construction in progress |
|
(50,000)
|
Net cash used in investing activities |
|
(623,259)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from common shares issued for cash |
1,342,915
|
|
Share issuance costs paid |
(153,220)
|
|
Proceeds from debentures – net of discount |
4,615,385
|
12,750,000
|
Repayment of convertible debentures |
(1,741,950)
|
(1,122,000)
|
Financing costs of debentures |
(325,962)
|
(1,634,894)
|
Net cash provided by financing activities |
3,737,168
|
9,993,106
|
Effect of exchange rate changes on cash and cash equivalent |
17,669
|
(214,383)
|
Change in cash |
(1,682,755)
|
93,738
|
Cash, beginning of period |
2,269,320
|
7,775,290
|
Cash, end of period |
586,565
|
7,869,028
|
Supplemental cash flow information: |
|
|
Cash paid during the period for interest |
171,818
|
173,376
|
Supplemental disclosure of non-cash investing and financing transactions |
|
|
Shares issued for conversion of convertible debt |
4,756,872
|
131,532
|
Reclassified accrued construction in progress fees |
39,875
|
|
Initial fair value of debenture warrants (“Second Tranche Warrants”) |
2,378,000
|
|
Initial fair value of conversion feature of debentures (“Second Tranche Debentures”) |
1,599,000
|
|
Fair value of debenture warrants (“First Tranche Warrants”) |
|
4,342,877
|
Fair value of conversion feature of debentures (“First Tranche Debentures”) |
|
2,249,000
|
Prefunded warrants issued related to intangible assets |
|
8,996,586
|
Prefunded warrants issued related to land deposit |
|
2,085,960
|
Initial operating lease liability recognized under Topic 842 |
|
1,776,599
|
Initial lease right-of-use asset recognized under Topic 842 |
|
$ 1,837,782
|
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v3.23.3
NATURE OF OPERATIONS AND BASIS OF PREPARATION
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF OPERATIONS AND BASIS OF PREPARATION |
1.
NATURE OF OPERATIONS AND BASIS OF PREPARATION
Business
Overview
AgriFORCE
Growing Systems Ltd. (“AgriFORCE” or the “Company”) was incorporated as a private company by Articles of Incorporation
issued pursuant to the provisions of the Business Corporations Act (British Columbia) on December 22, 2017. The Company’s
registered and records office address is at 800 – 525 West 8th Avenue, Vancouver, British Columbia, Canada, V5Z 1C6.
The
Company is an innovative agriculture-focused technology company that delivers reliable, financially robust solutions for high value crops
through our proprietary facility design and automation Intellectual Property to businesses and enterprises globally through our AgriFORCE™
Solutions division (“Solutions”) and delivers nutritious food products through our AgriFORCE™ Brands division (“Brands”).
Solutions
intends to operate in the plant based pharmaceutical, nutraceutical, and other high value crop markets using its unique proprietary facility
design and hydroponics based automated growing system that enable cultivators to effectively grow crops in a controlled environment (“FORCEGH+™”).
The Company has designed FORCEGH+™ facilities to produce in virtually any environmental condition and to optimize crop yields to
as near their full genetic potential possible whilst substantially eliminating the need for the use of pesticides and/or irradiation.
Brands
is focused on the development and commercialization of plant-based ingredients and products that deliver healthier and more nutritious
solutions. We will market and commercialize both branded consumer product offerings and ingredient supply.
Basis
of Presentation
The
accompanying Unaudited Condensed Consolidated Interim Financial Statements and related financial information of AgriFORCE Growing Systems
Ltd. should be read in conjunction with the audited financial statements and the related notes thereto for the years ended December 31,
2022 and 2021 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on March 13, 2023. These unaudited interim financial statements have been prepared in accordance with the rules and regulations of the
United States Securities and SEC for interim financial information. Accordingly, they do not include all of the information and footnotes
required by the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial
statements.
In
the opinion of management, the accompanying interim financial statements contain all adjustments which are necessary to state fairly
the Company’s financial position as of September 30, 2023 and December 31, 2022, and the results of its operations and cash
flows during the three and nine months ended September 30, 2023 and 2022. Such adjustments are of a normal and recurring nature. The
results for the nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full
fiscal year ending December 31, 2023, or for any future period.
Liquidity
and Management’s Plan
The
Company has incurred substantial operating losses since its inception and expects to continue to incur significant operating losses for
the foreseeable future. As reflected in the interim financial statements for the nine months ended September 30, 2023, the Company had
a net loss of $7.7 million, $5.4 million of net cash used in operating activities, and the Company had a working capital deficit of $5.7
million.
The
accompanying interim financial statements have been prepared on a going concern basis, which contemplates the realization of assets and
satisfaction of liabilities in the normal course of business. The interim financial statements do not include any adjustments relating
to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result
from the outcome of this uncertainty. The Company is at the development stage of its business plan. As such it is likely that additional
financing will be needed by the Company to fund its operations and to develop and commercialize its technology. These factors raise substantial
doubt about the Company’s ability to continue as a going concern. For the next twelve months from issuance of these interim financial
statements, the Company will seek to obtain additional capital through the sale of debt or equity financings or other arrangements to
fund operations; however, there can be no assurance that the Company will be able to raise needed capital under acceptable terms, if
at all. The sale of additional equity may dilute existing shareholders and newly issued shares may contain senior rights and preferences
compared to our currently outstanding common shares. If the Company is unable to obtain such additional financing, future operations
would need to be scaled back or discontinued. Due to the uncertainty in the Company’s ability to raise capital, management believes
that there is substantial doubt in the Company’s ability to continue as a going concern for twelve months from the issuance of
these interim financial statements.
Reverse
Stock Split
On
October 11, 2023, the Company executed a one-for-fifty reverse stock split of the Company’s common shares (the “Reverse
Split”). As a result of the Reverse Split, every 50 shares of the Company’s old common shares were converted into one
share of the Company’s new common shares. Fractional shares resulting from the reverse split were rounded up to the nearest
whole number. The Reverse Split automatically and proportionately adjusted all issued and outstanding shares of the Company’s
common shares, as well as convertible debentures, convertible features, prefunded warrants, stock options and warrants outstanding
at the time of the date of the Reverse Split. The exercise price on outstanding equity based-grants was proportionately
increased, while the number of shares available under the Company’s equity-based plans was proportionately reduced. Share
and per share data (except par value) for the periods presented reflect the effects of the Reverse Split. References to numbers of
common shares and per share data in the accompanying financial statements and notes thereto for periods ended prior to October 11,
2023 have been adjusted to reflect the Reverse Split on a retroactive basis.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
2.
SIGNIFICANT ACCOUNTING POLICIES
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” The standard, including subsequently
issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial
assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical
experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This
ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, and requires the
modified retrospective approach. ASU 2016-13 was adopted by the Company on January 1, 2023. Based on the composition of the Company’s
affected financial assets, current market conditions, and historical credit loss activity, the adoption did not have a material impact
to these interim financial statements.
In
August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity” (“ASU 2020-06”). The intention of ASU 2020-06 is to address
the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting
models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method
for the computation of diluted “Earnings per share” under ASC 260. ASC 2020-06 is effective for fiscal years beginning after
December 15, 2023 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of
transition. ASU 2020-06 was adopted by the Company on January 1, 2023. Since the Company had a net loss for the nine months ended September
30, 2023 and its convertible debentures were determined to be anti-dilutive, there was no material impact to its basic and diluted net
loss per share for the period as a result of adopting ASU 2020-06.
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting
for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure
contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for
interim and annual periods beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 was adopted on January 1, 2023
and did not have a material impact to these interim financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are
not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
Inventories
Inventories
consist of finished goods of milled flour and related packaging material recorded at the lower of cost or net realizable value
with the cost measured using the average cost method. Inventories includes all costs that relate
to bringing the inventory to its present condition and location under normal operating conditions.
Revenue
Recognition
Product revenue includes sales from hydroxyl generators.
We recognize product revenue when we satisfy performance obligations by transferring control of the promised products or services to
customers. Product revenue is recognized at a point in time when a good is shipped or delivered to the customer.
Contract Balances
We recognize a receivable when the Company has a right
to consideration for which the Company has completed the performance obligations and only the passage of time is required before payment
of that consideration is due.
We recognize a contract asset when revenue is recognized
prior to invoicing.
We recognize a contract liability when a customer
provides payment to the Company for a performance obligation not yet satisfied.
Payment terms generally require payments within 30 days.
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815, Derivatives
and Hedging (“ASC 815”), which provides that if three criteria are met, the Company is required to bifurcate conversion options
from their host instruments and account for them as free-standing derivative financial instruments. These three criteria include circumstances
in which;
(a) |
the
economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics
and risks of the host contract; |
(b) |
the
hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur; and |
(c) |
a
separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. |
ASC
815 also provides an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards
as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion
Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records,
when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon
the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC 815 provides that, among other things, generally, if an event
is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a
liability.
Definite
Lived Intangible Asset
Definite
lived intangible asset consists of a granted patent. Amortization is computed using the straight-line method over the estimated useful
life of the asset. The estimated useful life of the granted patent is 20 years and the patent was available for use starting January
2023.
Fair
Value of Financial Instruments
The
fair value of the Company’s other receivable, accounts payable and other current liabilities approximate their carrying amounts
due to the relative short maturities of these items.
The
Company issued warrants having a strike price denominated in U.S. dollars, which creates an obligation to issue shares for a price that
is not denominated in the Company’s functional currency, Canadian dollars, and renders the warrants not indexed to the Company’s
stock. The Series A warrants, representative warrants issued as part of the IPO, and convertible debt warrants are thus classified as
derivative liabilities and are measured at fair value.
The
convertible debentures also have a conversion feature whereby the debt holders can convert their outstanding debentures into common shares
of the Company. The conversion price has a strike price denominated in U.S. dollars and accordingly, the conversion feature is classified
as a derivative liability and measured at fair value.
The
fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which
establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities
that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires
that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:
● |
Level
1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities. |
|
|
● |
Level
2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
● |
Level
3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant
to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value
measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as
significant management judgment or estimation. |
Reclassifications
The
Company has reclassified certain amounts in the 2022 consolidated financial statements to comply with the 2023 presentation.
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v3.23.3
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT
|
9 Months Ended |
Sep. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT |
3.
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
September 30, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 169,448 | | |
$ | 436,496 | |
Legal retainer | |
| 30,811 | | |
| 24,457 | |
Inventory advances | |
| 36,107 | | |
| - | |
Deferred offering costs | |
| - | | |
| 100,337 | |
Deposits | |
| - | | |
| 12,000 | |
Others | |
| 5,667 | | |
| 25,052 | |
Prepaid expenses, other
current assets | |
$ | 242,033 | | |
$ | 598,342 | |
The
Company wrote off a non-refundable deposit amounting to $12,000 which was related to a previous land purchase agreement.
Inventory
advances represent payments made to manufacturers for goods not received.
On
August 31, 2022, the Company signed a purchase and sale agreement with Stronghold Power Systems, Inc. (“Stronghold”), to
purchase approximately seventy acres of land located in the City of Coachella as well as to have Stronghold complete certain permitting,
zoning, and infrastructure work for a total purchase price of $4,300,000. The purchase price consists of:
|
(i) |
$1,500,000
in cash due on March 31, 2023. |
|
|
|
|
(ii) |
A
first stock deposit of $1,700,000 in prefunded warrants. The Company issued 13,917 prefunded warrants on September 9, 2022 to Stronghold.
|
|
|
|
|
(iii) |
A
second stock deposit $1,100,000 in prefunded warrants. The Company issued 9,005 prefunded warrants on September 9, 2022 to Stronghold. |
As
at December 31, 2022 the $2,085,960 of prefunded warrants were recorded under land deposit in relation to the Stronghold agreement.
On
March 31, 2023 the prefunded warrants issued were rescinded and the warrants were rendered null and void as the Company presented a termination
notice to Stronghold and the value under land deposit was also reversed.
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v3.23.3
INVENTORIES
|
9 Months Ended |
Sep. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
4.
INVENTORIES
As
at September 30, 2023, the Company had $38,167 (December
31, 2022 - nil) in finished goods. At the end of each reporting period, inventories are reviewed to ensure that they are recorded at
the lower of cost and net realizable value.
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v3.23.3
ADVANCE
|
9 Months Ended |
Sep. 30, 2023 |
Advance |
|
ADVANCE |
5.
ADVANCE
On
June 18, 2023, the Company signed a memorandum of understanding (“MOU”) with Radical Clean Solutions Ltd. (“RCS”)
to advance $225,000 to
RCS to be used exclusively for the advance purchase of hydroxyl generating devices. On June 26, 2023, the Company advanced $225,000
to RCS. The Company has an option to convert
the advance into an investment for 14%
of the issued and outstanding common shares of RCS. Upon conversion of the advance into an investment, the Company will receive one of
five board of director seats of RCS and will have a right of first refusal to maintain an ownership percentage in RCS of not less than
10%
of the total issued and outstanding common shares.
On
October 1, 2023 the Company and RCS signed a definitive agreement to convert the advance into a 14% ownership investment in RCS.
|
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v3.23.3
INTANGIBLE ASSET
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSET |
6.
INTANGIBLE ASSET
Intangible
asset represents $12,620,896 (December 31, 2022 - $13,089,377) for intellectual property (“Manna IP”) acquired under an asset
purchase agreement with Manna Nutritional Group, LLC (“Manna”) dated September 10, 2021. The Manna IP encompasses patented
technologies to naturally process and convert grains, pulses, and root vegetables, into low-starch, low-sugar, high-protein, fiber-rich
baking flour products, as well as a wide range of breakfast cereals, juices, natural sweeteners, and baking enhancers. The Company paid
$1,475,000 in cash and issued 147,600 prefunded warrants valued at $12,106,677 (the “Purchase Price”) adjusted for foreign
exchange differences of $469,058 (December 31, 2022 - $492,300). Subject to a 9.99% stopper and SEC Rule 144 restrictions, the prefunded
warrants will vest in tranches up until March 10, 2024. When vested the tranches of prefunded warrants are convertible into an equal
number of common shares.
On
January 3, 2023, Manna satisfied all of its contractual obligations when the patent was approved by the US Patents Office and the title
was transferred to the Company. During the nine months ended September 30, 2023, the Company issued 102,610 shares in relation to this
transaction. As at September 30, 2023, there were 44,990 unconverted prefunded warrants outstanding.
Based
on the terms above and in conformity with US GAAP, the Company accounted for purchase as an asset acquisition and has deemed the asset
purchased as an in-process research and development. The asset was completed and will be amortized over its useful life of 20 years.
The Company recorded $492,220 in amortization expense related to the Manna IP for the nine months ended September 30, 2023.
The
estimated annual amortization expense for the next five years are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
Period ending: | |
Amount | |
Remaining 2023 | |
$ | 163,908 | |
2024 | |
| 655,631 | |
2025 | |
| 655,631 | |
2026 | |
| 655,631 | |
2027 | |
| 655,631 | |
Subsequent years | |
| 9,834,464 | |
Total | |
$ | 12,620,896 | |
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
7.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accounts payable | |
$ | 623,887 | | |
$ | 498,188 | |
Accrued expenses | |
| 665,696 | | |
| 365,521 | |
Other | |
| 602,006 | | |
| 284,030 | |
Accounts payable and accrued liabilities | |
$ | 1,891,589 | | |
$ | 1,147,739 | |
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.23.3
DEBENTURES
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
DEBENTURES |
8.
DEBENTURES
On
June 30, 2022, the Company executed the definitive agreement with arm’s length accredited institutional investors (the “Investors”)
for $14,025,000 in debentures with a 10% original issue discount (“First Tranche Debentures”) for gross proceeds of $12,750,000.
The First Tranche Debentures were convertible into common shares at $111.00 per share. In addition, the Investors received 82,129 warrants
at a strike price of $122.10, which expire on December 31, 2025 (the “First Tranche Warrants”). The First Tranche Warrants
and First Tranche Debentures each have down round provisions whereby the conversion and strike prices will be adjusted downward if the
Company issues equity instruments at lower prices. The First Tranche Warrants strike price and the First Tranche Debenture conversion
price will be adjusted down to the effective conversion price of the issued equity instruments. The transaction costs incurred in relation
to first tranche were $1,634,894.
The
Investors have the right to purchase additional tranches of $5,000,000 each, up to a total additional principal amount of $33,000,000.
On
January 17, 2023, the Investors purchased additional debentures totaling $5,076,923 with a 10% original issue discount for gross proceeds
of $4,615,385 (the “Second Tranche Debenture”). The Second Tranche Debentures were convertible into common shares at $62.00
per share and the Investors received an additional 53,226 warrants at a strike price of $62.00, which expire on December 31, 2025 (the
“Second Tranche Warrants”). The issuance of the additional tranche triggered the down round provision, adjusting the exercise
prices of the First Tranche Debentures and the First Tranche Warrants to $62.00. The transaction costs incurred in relation to second
tranche were $325,962.
The
First Tranche and Second Tranche Debentures (the “Debentures”) have an interest rate of 5% for the first 12 months, 6% for
the subsequent 12 months, and 8% per annum thereafter. Principal repayments will be made in 25 equal installments which began on September
1, 2022 for the First Tranche Debentures and on July 1, 2023 for the Second Tranche Debentures. The Debentures may be extended by nine
months at the election of the Company by paying a sum equal to nine months interest on the principal amount outstanding at the end of
the 18th month, at the rate of 8% per annum.
On August 9, 2023, the Company entered into another waiver and amendment
agreement (“Agreement”) with the Investors with respect to a certain Senior Convertible Debenture (the “Debentures”)
due July 17, 2025 issued by the Company to that Investor. The Agreement provides as follows:
|
1. |
The Company wishes to make Monthly Redemptions in shares of the Company’s Common Stock in lieu of cash payments, until further written notice from the Company to the Purchaser. |
|
2. |
The Purchaser is willing to accept such shares as payment of the Monthly Redemption Amount provided that the Equity Conditions are met; and will consider on a case-by-case basis accepting payments in shares of Common Stock if the Equity Conditions are not met, at its sole discretion. Company may inquire of the Purchaser at least 5 Trading Days prior to a Monthly Redemption Date whether the Purchaser is willing to accept Shares without the Equity Conditions having been met. An email reply from the Purchaser shall be sufficient evidence of such monthly waiver. |
|
3. |
The Purchaser will accept the August 1, 2023 Monthly Redemption Amount in shares of Common Stock valued at the August 1 Repayment Price for such date. |
On
August 30, 2023, the Company issued common shares for cash under an ATM agreement (the “ATM”) triggering the down round provision,
adjusting the exercise prices of the First and Second Tranche Debentures as well as the First and Second Tranche Warrants to $5.50.
Due
to the currency of the above noted features being different from the Company’s functional currency, the First Tranche Warrants
and Second Tranche Warrants (the “Debenture Warrants), as well as the Debentures’ convertible features were classified as
derivative liabilities and are further discussed in Note 11.
The
following table summarizes the outstanding debentures as of the dates indicated:
SCHEDULE
OF OUTSTANDING DEBENTURES
| |
Maturity | | Cash Interest Rate |
| |
September
30,
2023 | | |
December
31,
2022 | |
Principal
(First Tranche Debentures) | |
12/31/2024 | | |
5.00%
- 8.00 |
% | |
$ | 14,025,000 | | |
$ | 14,025,000 | |
Principal
(Second Tranche Debentures) | |
17/07/2025 | | |
5.00%
- 8.00 |
% | |
| 5,076,923 | | |
| - | |
Repayments
and conversions | |
| | |
|
| |
| (8,431,581 | ) | |
| (2,955,000 | ) |
Debt
issuance costs and discounts (Note 8 & 11) | |
| | |
|
| |
| (6,000,398 | ) | |
| (7,128,084 | ) |
Total
Debentures (current) | |
| | |
|
| |
$ | 4,669,944 | | |
$ | 3,941,916 | |
During
the nine months ended September 30, 2023, the Investors converted $3,734,631
of principal and $305,175
of interest into shares of the Company resulting in a $541,730
loss on the conversion of convertible debentures. During the nine months ended September 30, 2023, the Company incurred $6,045,214 in accretion interest.
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v3.23.3
CONTRACT BALANCES
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
CONTRACT BALANCES |
9. CONTRACT BALANCES
For the nine months ended September 30, 2023,
contact balances consisted of $23,262 of advance payments for product sales not yet delivered, which are recognized as a contract
liability (December 31, 2022 - $nil).
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v3.23.3
LONG TERM LOAN
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG TERM LOAN |
10.
LONG TERM LOAN
During
the year ended December 31, 2020, the Company entered into a loan agreement with Alterna Bank for a principal amount of $29,586 (December
31, 2022 - $29,533) (CAD$40,000) under the Canada Emergency Business Account Program (the “Program”).
The
Program, as set out by the Government of Canada, requires that the funds from this loan shall only be used by the Company to pay non-deferrable
operating expenses including, without limitation, payroll, rent, utilities, insurance, property tax and regularly scheduled debt service,
and may not be used to fund any payments or expenses such as prepayment/refinancing of existing indebtedness, payments of dividends,
distributions and increases in management compensation.
In
April 2021, the Company applied for an additional loan with Alterna Bank under the Program and received $14,793 (CAD$20,000) (December
31, 2022 - $14,767). The expansion loan is subject to the original terms and conditions of the Program.
The
loan is interest free for an initial term that ends on January
18, 2024. Repaying the loan balance on or before January 18, 2024 will result in loan forgiveness of up to a third of loan
value (up to CAD $20,000).
Any outstanding loan after initial term carries an interest rate of 5%
per annum, payable monthly during the extended term i.e. January
19, 2024 to December 31, 2025. The loan is due December 31, 2026.
The
balance as at September 30, 2023 was $44,379 (CAD $60,000) (December 31, 2022 - $44,300 (CAD $60,000)).
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v3.23.3
DERIVATIVE LIABILITIES
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
DERIVATIVE LIABILITIES |
11.
DERIVATIVE LIABILITIES
Warrant
Liabilities
As
of September 30, 2023, the Warrant Liabilities represent aggregate fair value of publicly traded 61,765 Series A warrants (“IPO
Warrants”), 2,721 representative’s warrants (“Rep Warrants”), 82,129 First Tranche Warrants, 53,226 Second
Tranche Warrants and 20,000 warrants issued in a private placement (Note 12) on June 20, 2023 (“Private Placement Warrants”).
The
fair value of the Private Placement Warrants amount to $2,407 (June 20, 2023 - $45,120). As at September 30, 2023 the Company utilized
the Black-Scholes option-pricing model for the Private Placement Warrants and used the following assumptions: stock price $5.50 (June
20, 2023 - $12.50), dividend yield – nil (June 20, 2023 – nil), expected volatility 59% (June 20, 2023 – 65.0%), risk
free rate of return 4.91% (June 20, 2023 – 4.58%), and expected term of 1.75 years (June 20, 2023 – expected term of 2 years).
The
fair value of the IPO Warrants and Rep Warrants amount to $64,161 (December 31, 2022 - $275,115). The Rep Warrants are exercisable one
year from the effective date of the IPO registration statement and will expire three years after the effective date.
The
fair value of the First Tranche Warrants amounted to $234,000 (December 31, 2022 - $2,917,000). As at September 30, 2023 the Company
utilized the Monte Carlo option-pricing model to value the First Tranche Warrants using the following assumptions: stock price $5.60
(December 31, 2022 - $56.50), dividend yield – nil (December 31, 2022 – nil), expected volatility 80.0% (December 31, 2022
– 95.0%), risk free rate of return 4.97% (December 31, 2022 – 4.22%), and expected term of 2.25 years (December 31, 2022
– expected term of 3 years).
On
January 17, 2023 the Company issued Second Tranche Warrants. As at September 30, 2023 the Second Tranche Warrants had a fair value that
amounted to $75,000 (January 17, 2023 - $2,378,000). As at September 30, 2023 the Company utilized the Monte Carlo option-pricing model
to value the Second Tranche Warrants using the following assumptions: stock price $5.60 (January 17, 2023 - $60.50), dividend yield –
nil (January 17, 2023 – nil), expected volatility 80.0% (January 17, 2023 – 95.0%), risk free rate of return 4.85% (January
17, 2023 – 3.80%), and expected term of 2.80 years (January 17, 2023 – expected term of 3.5 years).
Debenture
Convertible Feature
On
June 30, 2022, the Company issued First Tranche Debentures with an equity conversion feature, see Note 8. As at September 30, 2023 the
fair value of the First Tranche Debentures’ convertible feature amounted to $887,000 (December 31, 2022 - $1,457,000). The Company
utilized the Monte Carlo option-pricing model for valuing the convertible feature using the following assumptions: stock price $5.60
(December 31, 2022 - $56.50), dividend yield – nil (December 31, 2022 – nil), expected volatility 80.0% (December 31, 2022
– 95.0%), risk free rate of return 5.35% (December 31, 2022 – 4.41%), discount rate 16.23% (December 31, 2022 – 13.65%),
and expected term of 1.25 years (December 31, 2022 – 2 years).
On
January 17, 2023, the Company issued Second Tranche Debentures with an equity conversion feature, see Note 8. As at September 30, 2023
the fair value of the Second Tranche Debentures’ convertible feature amounted to $696,000 (January 17, 2023 - $1,599,000). The
Company utilized the Monte Carlo option-pricing model for valuing the convertible feature using the following assumptions: stock price
$5.60 (January 17, 2023 - $60.50), dividend yield – nil (January 17, 2023 – nil), expected volatility 80.0% (January 17, 2023
– 95.0%), risk free rate of return 5.12% (January 17, 2023 – 4.02%), discount rate 16.01% (January 17, 2023 – 11.65%),
and expected term of 1.80 years (January 17, 2023 – 2.50 years).
The
IPO Warrants, Rep Warrants, and Private Placement Warrants (the “Equity Warrants”) are classified as Level 1 financial instruments,
while the Debenture Warrants and Debenture Convertible Feature are classified as Level 3 financial instruments.
Changes
in the fair value of the Company’s financial instruments for the nine months ended September 30, 2023 and 2022 were as follows:
SCHEDULE OF CHANGES IN THE FAIR VALUE OF COMPANY'S LEVEL 3 FINANCIAL
INSTRUMENTS
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2023 | |
$ | 275,115 | | |
| 2,917,000 | | |
| 1,457,000 | | |
| 4,649,115 | |
Additions | |
| 45,120 | | |
| 2,378,000 | | |
| 1,599,000 | | |
| 4,022,120 | |
Conversions | |
| - | | |
| - | | |
| (529,340 | ) | |
| (529,340 | ) |
Change in fair value | |
| (259,123 | ) | |
| (4,960,112 | ) | |
| (939,832 | ) | |
| (6,159,067 | ) |
Effect of exchange rate changes | |
| 5,456 | | |
| (25,888 | ) | |
| (3,828 | ) | |
| (24,260 | ) |
Balance at September 30, 2023 | |
$ | 66,568 | | |
$ | 309,000 | | |
$ | 1,583,000 | | |
$ | 1,958,568 | |
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2022 | |
$ | 1,418,964 | | |
$ | - | | |
$ | - | | |
$ | 1,418,964 | |
Additions | |
| - | | |
| 4,080,958 | | |
| 3,336,535 | | |
| 7,417,493 | |
Conversions | |
| - | | |
| - | | |
| (63,723 | ) | |
| (63,723 | ) |
Change in fair value | |
| (640,540 | ) | |
| (191,957 | ) | |
| (850,992 | ) | |
| (1,683,489 | ) |
Effect of exchange rate changes | |
| (85,547 | ) | |
| (239,001 | ) | |
| (172,820 | ) | |
| (497,368 | ) |
Balance at September 30, 2022 | |
$ | 692,877 | | |
$ | 3,650,000 | | |
$ | 2,249,000 | | |
$ | 6,591,877 | |
Due
to the expiry date of the warrants and conversion feature being greater than one year, the liabilities have been classified as non-current.
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v3.23.3
SHARE CAPITAL
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SHARE CAPITAL |
12.
SHARE CAPITAL
During
the nine months ended September 30, 2023, the Company issued shares for cash under its at-the market agreement (the “ATM”).
In total 124,652 shares were issued for $1,092,915 less share issuance costs of $153,220.
On
June 20, 2023 the Company entered in to a private placement agreement issuing 20,000 units of one common share and one whole Private
Placement Warrant at a strike price of $25.00 with an expiry date of June 20, 2025 for total consideration of $250,000. The fair value
of the Private Placement Warrants at initial recognition was $45,120.
On
September 30, 2023, the Company owed $44,214 worth of stock-based compensation to Company officers. The balance issuable was classified
as an Obligation to issue shares.
Basic
and diluted net loss per share represents the loss attributable to shareholders divided by the weighted average number of shares and
prefunded warrants outstanding during the period on an as converted basis.
Potentially
dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are
as follows (in common equivalent shares):
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF
EARNINGS PER SHARE
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 270,762 | | |
| 197,536 | |
Options | |
| 76,185 | | |
| 12,711 | |
Convertible debentures | |
| 2,020,390 | | |
| 114,892 | |
Total anti-dilutive weighted average shares | |
| 2,367,337 | | |
| 325,139 | |
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v3.23.3
LEASES
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
LEASES |
13.
LEASES
The
Company entered an operating lease for office space. As at September 30, 2023, the remaining lease term is six years and the discount
rate is 7.0%. The Company has no finance leases.
The
components of lease expenses were as follows:
SCHEDULE OF LEASE EXPENSES
| |
Nine months ended September 30, 2023 | | |
Nine months ended September 30, 2022 | |
Operating lease cost | |
$ | 219,018 | | |
$ | 226,098 | |
Short-term lease cost | |
| 3,517 | | |
| 12,630 | |
Total lease expenses | |
$ | 222,535 | | |
$ | 238,728 | |
The
minimum future annual payments under the lease for our continuing operations as at September 30 is as follows:
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE
| |
| | |
Remaining 2023 | |
$ | 68,896 | |
2024 | |
| 280,907 | |
2025 | |
| 296,876 | |
2026 | |
| 296,876 | |
2027 | |
| 296,876 | |
Subsequent years | |
| 519,533 | |
Total minimum lease payments | |
| 1,759,964 | |
Less: imputed interest | |
| (361,688 | ) |
Total lease liability | |
| 1,398,276 | |
Current portion of lease liability | |
| (275,584 | ) |
Non-current portion of lease liability | |
$ | 1,122,692 | |
On
November 1, 2023, the Company terminated its operating lease of its office space and entered in to a short-term lease.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
14.
COMMITMENTS AND CONTINGENCIES
Debenture
principal repayments
The
following table summarizes the future principal payments related to our outstanding debt as of September 30, 2023:
SUMMARY OF FUTURE PRINCIPAL PAYMENTS OUTSTANDING
| |
| | |
Remaining 2023 | |
$ | 3,056,307 | |
2024 | |
| 6,395,573 | |
2025 | |
| 1,218,462 | |
Long
Term Debt | |
$ | 10,670,342 | |
Contingencies
Litigation
On August 11, 2023, Mr. Ingo Mueller, the former
Chief Executive Officer and former director of the Company, filed a claim for wrongful dismissal in the BC Supreme Court. On September
8, 2023, the Company filed a reply to this civil claim. The Company’s reply states that the Company’s position is that Mr.
Mueller was terminated for just cause as a result of certain actions taken by
Mr. Mueller which are alleged to constitute breaches of his employment agreement with the Company and violations of the Company’s
corporate governance policies.
The
Company denies any liability to Mr. Mueller in connection with termination of Mr. Mueller’s employment agreement and will vigorously
defend the claims made against the Company. The Company has not recorded a liability related to this claim as we do not believe Mr. Mueller
has any legal or other grounds to pursue this claim nor that he will have any success whatsoever in pursuing it.
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
15.
SUBSEQUENT EVENTS
The
Company evaluated subsequent events through November 2, 2023, the date on which these interim financial statements were available to
be issued, to ensure that this filing includes appropriate disclosure of events both recognized in the interim financial statements as
of and subsequent to September 30, 2023, but were not recognized in the interim financial statements. Except as disclosed below, there
were no events that required recognition, adjustment or disclosure in the financial statements.
On October 1, 2023, the Company issued 111,419 common shares upon conversion
of convertible debt in lieu of repayment in cash.
On
October 1, 2023, the Company issued 13,644 common shares upon conversion of prefunded warrants.
On
October 12, 2023, the Company was served a legal complaint filed in the Superior Court of California from Stronghold for breach of contract,
breach of covenant of good faith and fair dealing, and common count: goods and services rendered in relation to the purchase and sale
agreement for the Coachella property (Note 3). The Company intends to vigorously defend itself
in this matter; however, we cannot predict the outcome. The Company is unable to estimate the exact amount of loss, its estimated
total exposure ranges from $nil to $452,000.
On
October 18, 2023 one of the Investors purchased an additional tranche totaling $2,750,000
in convertible debentures and received 620,230
warrants. The convertible debentures and warrants
were issued with an exercise price of $2.62.
The issuance of the additional tranche triggered the down round provision, adjusting the exercise prices of the First and Second Tranche
Debentures as well as the First and Second Tranche Debenture Warrants to $2.62
(Note 8 & 11).
On
October 23, 2023, the Company issued 37,251
fractional shares due to the round up from the
reverse stock split.
On
October 30, 2023, one of the Investors converted $50,000 of convertible debentures into 19,084 shares.
On
November 1, 2023, the Company issued 160,500 common shares upon conversion of convertible debt in lieu of repayment in
cash.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
In
June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” The standard, including subsequently
issued amendments, requires a financial asset measured at amortized cost basis, such as accounts receivable and certain other financial
assets, to be presented at the net amount expected to be collected based on relevant information about past events, including historical
experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. This
ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, and requires the
modified retrospective approach. ASU 2016-13 was adopted by the Company on January 1, 2023. Based on the composition of the Company’s
affected financial assets, current market conditions, and historical credit loss activity, the adoption did not have a material impact
to these interim financial statements.
In
August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging – Contracts in Entity’s Own Equity” (“ASU 2020-06”). The intention of ASU 2020-06 is to address
the complexities in accounting for certain financial instruments with a debt and equity component. Under ASU 2020-06, the number of accounting
models for convertible notes will be reduced and entities that issue convertible debt will be required to use the if-converted method
for the computation of diluted “Earnings per share” under ASC 260. ASC 2020-06 is effective for fiscal years beginning after
December 15, 2023 and may be adopted through either a modified retrospective method of transition or a fully retrospective method of
transition. ASU 2020-06 was adopted by the Company on January 1, 2023. Since the Company had a net loss for the nine months ended September
30, 2023 and its convertible debentures were determined to be anti-dilutive, there was no material impact to its basic and diluted net
loss per share for the period as a result of adopting ASU 2020-06.
In
October 2021, the Financial Accounting Standards Board (“FASB”) issued ASU 2021-08, Business Combinations (Topic 805): Accounting
for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure
contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for
interim and annual periods beginning after December 15, 2022, with early adoption permitted. ASU 2021-08 was adopted on January 1, 2023
and did not have a material impact to these interim financial statements.
Other
accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have
a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are
not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.
|
Inventories |
Inventories
Inventories
consist of finished goods of milled flour and related packaging material recorded at the lower of cost or net realizable value
with the cost measured using the average cost method. Inventories includes all costs that relate
to bringing the inventory to its present condition and location under normal operating conditions.
|
Revenue Recognition |
Revenue
Recognition
Product revenue includes sales from hydroxyl generators.
We recognize product revenue when we satisfy performance obligations by transferring control of the promised products or services to
customers. Product revenue is recognized at a point in time when a good is shipped or delivered to the customer.
Contract Balances
We recognize a receivable when the Company has a right
to consideration for which the Company has completed the performance obligations and only the passage of time is required before payment
of that consideration is due.
We recognize a contract asset when revenue is recognized
prior to invoicing.
We recognize a contract liability when a customer
provides payment to the Company for a performance obligation not yet satisfied.
Payment terms generally require payments within 30 days.
|
Convertible Instruments |
Convertible
Instruments
The
Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with ASC 815, Derivatives
and Hedging (“ASC 815”), which provides that if three criteria are met, the Company is required to bifurcate conversion options
from their host instruments and account for them as free-standing derivative financial instruments. These three criteria include circumstances
in which;
(a) |
the
economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics
and risks of the host contract; |
(b) |
the
hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under
otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur; and |
(c) |
a
separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. |
ASC
815 also provides an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards
as “The Meaning of Conventional Convertible Debt Instrument.”
The
Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from
their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion
Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records,
when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon
the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective
conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their
earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded
in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note
transaction and the effective conversion price embedded in the note. ASC 815 provides that, among other things, generally, if an event
is not within the entity’s control could or require net cash settlement, then the contract shall be classified as an asset or a
liability.
|
Definite Lived Intangible Asset |
Definite
Lived Intangible Asset
Definite
lived intangible asset consists of a granted patent. Amortization is computed using the straight-line method over the estimated useful
life of the asset. The estimated useful life of the granted patent is 20 years and the patent was available for use starting January
2023.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value of the Company’s other receivable, accounts payable and other current liabilities approximate their carrying amounts
due to the relative short maturities of these items.
The
Company issued warrants having a strike price denominated in U.S. dollars, which creates an obligation to issue shares for a price that
is not denominated in the Company’s functional currency, Canadian dollars, and renders the warrants not indexed to the Company’s
stock. The Series A warrants, representative warrants issued as part of the IPO, and convertible debt warrants are thus classified as
derivative liabilities and are measured at fair value.
The
convertible debentures also have a conversion feature whereby the debt holders can convert their outstanding debentures into common shares
of the Company. The conversion price has a strike price denominated in U.S. dollars and accordingly, the conversion feature is classified
as a derivative liability and measured at fair value.
The
fair value of the Company’s warrants are determined in accordance with FASB ASC 820, “Fair Value Measurement,” which
establishes a fair value hierarchy that prioritizes the assumptions (inputs) to valuation techniques used to price assets or liabilities
that are measured at fair value. The hierarchy, as defined below, gives the highest priority to unadjusted quoted prices in active markets
for identical assets or liabilities and the lowest priority to unobservable inputs. The guidance for fair value measurements requires
that assets and liabilities measured at fair value be classified and disclosed in one of the following categories:
● |
Level
1: Defined as observable inputs, such as quoted (unadjusted) prices in active markets for identical assets or liabilities. |
|
|
● |
Level
2: Defined as observable inputs other than quoted prices included in Level 1. This includes quoted prices for similar assets or liabilities
in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
|
|
● |
Level
3: Defined as unobservable inputs to the valuation methodology that are supported by little or no market activity and that are significant
to the measurement of the fair value of the assets or liabilities. Level 3 assets and liabilities include those whose fair value
measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques, as well as
significant management judgment or estimation. |
|
Reclassifications |
Reclassifications
The
Company has reclassified certain amounts in the 2022 consolidated financial statements to comply with the 2023 presentation.
|
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v3.23.3
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS |
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
September 30, 2023 | | |
December 31, 2022 | |
Prepaid expenses | |
$ | 169,448 | | |
$ | 436,496 | |
Legal retainer | |
| 30,811 | | |
| 24,457 | |
Inventory advances | |
| 36,107 | | |
| - | |
Deferred offering costs | |
| - | | |
| 100,337 | |
Deposits | |
| - | | |
| 12,000 | |
Others | |
| 5,667 | | |
| 25,052 | |
Prepaid expenses, other
current assets | |
$ | 242,033 | | |
$ | 598,342 | |
|
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v3.23.3
INTANGIBLE ASSET (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF FUTURE AMORTIZATION EXPENSE |
The
estimated annual amortization expense for the next five years are as follows:
SCHEDULE
OF FUTURE AMORTIZATION EXPENSE
Period ending: | |
Amount | |
Remaining 2023 | |
$ | 163,908 | |
2024 | |
| 655,631 | |
2025 | |
| 655,631 | |
2026 | |
| 655,631 | |
2027 | |
| 655,631 | |
Subsequent years | |
| 9,834,464 | |
Total | |
$ | 12,620,896 | |
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v3.23.3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Payables and Accruals [Abstract] |
|
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES |
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
Accounts payable | |
$ | 623,887 | | |
$ | 498,188 | |
Accrued expenses | |
| 665,696 | | |
| 365,521 | |
Other | |
| 602,006 | | |
| 284,030 | |
Accounts payable and accrued liabilities | |
$ | 1,891,589 | | |
$ | 1,147,739 | |
|
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v3.23.3
DEBENTURES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF OUTSTANDING DEBENTURES |
The
following table summarizes the outstanding debentures as of the dates indicated:
SCHEDULE
OF OUTSTANDING DEBENTURES
| |
Maturity | | Cash Interest Rate |
| |
September
30,
2023 | | |
December
31,
2022 | |
Principal
(First Tranche Debentures) | |
12/31/2024 | | |
5.00%
- 8.00 |
% | |
$ | 14,025,000 | | |
$ | 14,025,000 | |
Principal
(Second Tranche Debentures) | |
17/07/2025 | | |
5.00%
- 8.00 |
% | |
| 5,076,923 | | |
| - | |
Repayments
and conversions | |
| | |
|
| |
| (8,431,581 | ) | |
| (2,955,000 | ) |
Debt
issuance costs and discounts (Note 8 & 11) | |
| | |
|
| |
| (6,000,398 | ) | |
| (7,128,084 | ) |
Total
Debentures (current) | |
| | |
|
| |
$ | 4,669,944 | | |
$ | 3,941,916 | |
|
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v3.23.3
DERIVATIVE LIABILITIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
SCHEDULE OF CHANGES IN THE FAIR VALUE OF COMPANY'S LEVEL 3 FINANCIAL INSTRUMENTS |
Changes
in the fair value of the Company’s financial instruments for the nine months ended September 30, 2023 and 2022 were as follows:
SCHEDULE OF CHANGES IN THE FAIR VALUE OF COMPANY'S LEVEL 3 FINANCIAL
INSTRUMENTS
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2023 | |
$ | 275,115 | | |
| 2,917,000 | | |
| 1,457,000 | | |
| 4,649,115 | |
Additions | |
| 45,120 | | |
| 2,378,000 | | |
| 1,599,000 | | |
| 4,022,120 | |
Conversions | |
| - | | |
| - | | |
| (529,340 | ) | |
| (529,340 | ) |
Change in fair value | |
| (259,123 | ) | |
| (4,960,112 | ) | |
| (939,832 | ) | |
| (6,159,067 | ) |
Effect of exchange rate changes | |
| 5,456 | | |
| (25,888 | ) | |
| (3,828 | ) | |
| (24,260 | ) |
Balance at September 30, 2023 | |
$ | 66,568 | | |
$ | 309,000 | | |
$ | 1,583,000 | | |
$ | 1,958,568 | |
| |
Level 1 | | |
Level 3 | | |
Level 3 | | |
| |
| |
Equity Warrants | | |
Debenture Warrants | | |
Debenture Convertible Feature | | |
Total | |
Balance at January 1, 2022 | |
$ | 1,418,964 | | |
$ | - | | |
$ | - | | |
$ | 1,418,964 | |
Additions | |
| - | | |
| 4,080,958 | | |
| 3,336,535 | | |
| 7,417,493 | |
Conversions | |
| - | | |
| - | | |
| (63,723 | ) | |
| (63,723 | ) |
Change in fair value | |
| (640,540 | ) | |
| (191,957 | ) | |
| (850,992 | ) | |
| (1,683,489 | ) |
Effect of exchange rate changes | |
| (85,547 | ) | |
| (239,001 | ) | |
| (172,820 | ) | |
| (497,368 | ) |
Balance at September 30, 2022 | |
$ | 692,877 | | |
$ | 3,650,000 | | |
$ | 2,249,000 | | |
$ | 6,591,877 | |
|
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v3.23.3
SHARE CAPITAL (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE |
Potentially
dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are
as follows (in common equivalent shares):
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF
EARNINGS PER SHARE
| |
September 30, 2023 | | |
September 30, 2022 | |
Warrants | |
| 270,762 | | |
| 197,536 | |
Options | |
| 76,185 | | |
| 12,711 | |
Convertible debentures | |
| 2,020,390 | | |
| 114,892 | |
Total anti-dilutive weighted average shares | |
| 2,367,337 | | |
| 325,139 | |
|
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v3.23.3
LEASES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Leases |
|
SCHEDULE OF LEASE EXPENSES |
The
components of lease expenses were as follows:
SCHEDULE OF LEASE EXPENSES
| |
Nine months ended September 30, 2023 | | |
Nine months ended September 30, 2022 | |
Operating lease cost | |
$ | 219,018 | | |
$ | 226,098 | |
Short-term lease cost | |
| 3,517 | | |
| 12,630 | |
Total lease expenses | |
$ | 222,535 | | |
$ | 238,728 | |
|
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE |
The
minimum future annual payments under the lease for our continuing operations as at September 30 is as follows:
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE
| |
| | |
Remaining 2023 | |
$ | 68,896 | |
2024 | |
| 280,907 | |
2025 | |
| 296,876 | |
2026 | |
| 296,876 | |
2027 | |
| 296,876 | |
Subsequent years | |
| 519,533 | |
Total minimum lease payments | |
| 1,759,964 | |
Less: imputed interest | |
| (361,688 | ) |
Total lease liability | |
| 1,398,276 | |
Current portion of lease liability | |
| (275,584 | ) |
Non-current portion of lease liability | |
$ | 1,122,692 | |
|
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v3.23.3
COMMITMENTS AND CONTINGENCIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
SUMMARY OF FUTURE PRINCIPAL PAYMENTS OUTSTANDING |
The
following table summarizes the future principal payments related to our outstanding debt as of September 30, 2023:
SUMMARY OF FUTURE PRINCIPAL PAYMENTS OUTSTANDING
| |
| | |
Remaining 2023 | |
$ | 3,056,307 | |
2024 | |
| 6,395,573 | |
2025 | |
| 1,218,462 | |
Long
Term Debt | |
$ | 10,670,342 | |
|
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v3.23.3
NATURE OF OPERATIONS AND BASIS OF PREPARATION (Details Narrative) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Net loss |
$ 3,493,053
|
$ 3,396,630
|
$ 7,740,078
|
$ 10,120,501
|
Net cash used in operating activities |
|
|
5,437,592
|
$ 9,061,726
|
Working captial deficit |
$ 5,700,000
|
|
$ 5,700,000
|
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
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v3.23.3
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Prepaid expenses |
$ 169,448
|
$ 436,496
|
Legal retainer |
30,811
|
24,457
|
Inventory advances |
36,107
|
|
Deferred offering costs |
|
100,337
|
Deposits |
|
12,000
|
Others |
5,667
|
25,052
|
Prepaid expenses, other current assets |
$ 242,033
|
$ 598,342
|
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v3.23.3
PREPAID EXPENSES, OTHER CURRENT ASSETS AND LAND DEPOSIT (Details Narrative) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Aug. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 09, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Wrote off non-refundable deposit |
|
|
|
$ 12,000
|
|
|
|
|
Deposits |
|
|
|
|
|
|
$ 12,000
|
|
Land deposits |
|
|
|
|
|
|
$ 2,085,960
|
|
Purchase and Sale Agreement [Member] | Stronghold Power System, Inc. [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Payments to acquire land |
$ 4,300,000
|
|
|
|
|
|
|
|
Cash |
|
|
|
|
|
$ 1,500,000
|
|
|
Purchase and Sale Agreement [Member] | Stronghold Power System, Inc. [Member] | First Stock Deposits [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
$ 1,700,000
|
Warrants issued |
|
|
|
|
|
|
|
13,917
|
Purchase and Sale Agreement [Member] | Stronghold Power System, Inc. [Member] | Second Stock Deposits [Member] |
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
$ 1,100,000
|
Warrants issued |
|
|
|
|
|
|
|
9,005
|
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v3.23.3
SCHEDULE OF FUTURE AMORTIZATION EXPENSE (Details)
|
Sep. 30, 2023
USD ($)
|
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Remaining 2023 |
$ 163,908
|
2024 |
655,631
|
2025 |
655,631
|
2026 |
655,631
|
2027 |
655,631
|
Subsequent years |
9,834,464
|
Total |
$ 12,620,896
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v3.23.3
INTANGIBLE ASSET (Details Narrative)
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Intangible asset |
$ 12,620,896
|
|
$ 12,620,896
|
|
$ 13,089,377
|
Number of shares issued | shares |
|
|
102,610
|
|
|
Stock issued during period value new issues |
640,096
|
|
$ 939,695
|
|
|
Adjusted for foreign exchange adjustments |
$ (226,286)
|
$ (566,414)
|
$ 84,719
|
$ (599,507)
|
|
Unconverted prefunded warrants outstanding | shares |
44,990
|
|
44,990
|
|
|
Useful life |
20 years
|
|
20 years
|
|
|
Prefunded Warrants [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cash |
$ 1,475,000
|
|
$ 1,475,000
|
|
|
Number of shares issued | shares |
|
|
147,600
|
|
|
Stock issued during period value new issues |
|
|
$ 12,106,677
|
|
|
Adjusted for foreign exchange adjustments |
|
|
$ 469,058
|
|
492,300
|
Foreign currency exchange rate |
0.0999
|
|
0.0999
|
|
|
Manna Nutritional Group LLC [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Amortization expense |
|
|
$ 492,220
|
|
|
Asset Purchase Agreement [Member] | Manna Nutritional Group LLC [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
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$ 12,620,896
|
|
$ 12,620,896
|
|
$ 13,089,377
|
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v3.23.3
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Payables and Accruals [Abstract] |
|
|
Accounts payable |
$ 623,887
|
$ 498,188
|
Accrued expenses |
665,696
|
365,521
|
Other |
602,006
|
284,030
|
Accounts payable and accrued liabilities |
$ 1,891,589
|
$ 1,147,739
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
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v3.23.3
SCHEDULE OF OUTSTANDING DEBENTURES (Details) - USD ($)
|
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
Repayments and conversions |
$ (8,431,581)
|
$ (2,955,000)
|
Debt issuance costs and discounts |
(6,000,398)
|
(7,128,084)
|
Total Debentures (current) |
$ 4,669,944
|
3,941,916
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Maturity Date |
Dec. 31, 2024
|
|
Debentures (gross) |
$ 14,025,000
|
14,025,000
|
Share-Based Payment Arrangement, Tranche One [Member] | Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Cash Interest Rate |
5.00%
|
|
Share-Based Payment Arrangement, Tranche One [Member] | Maximum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Cash Interest Rate |
8.00%
|
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debentures (gross) |
$ 5,076,923
|
|
Maturity Date |
17/07/2025
|
|
Share-Based Payment Arrangement, Tranche Two [Member] | Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Cash Interest Rate |
5.00%
|
|
Share-Based Payment Arrangement, Tranche Two [Member] | Maximum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Cash Interest Rate |
8.00%
|
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v3.23.3
DEBENTURES (Details Narrative)
|
|
|
3 Months Ended |
9 Months Ended |
|
|
Jan. 17, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
Integer
|
Sep. 30, 2022
USD ($)
|
Aug. 30, 2023
$ / shares
|
Dec. 31, 2022
USD ($)
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debentures transaction costs incurred |
|
|
$ 4,669,944
|
|
$ 4,669,944
|
|
|
$ 3,941,916
|
Purchaser trading days | Integer |
|
|
|
|
5
|
|
|
|
Loss on conversion of convertible debentures |
|
|
(108,125)
|
$ 93,973
|
$ (541,730)
|
$ 93,973
|
|
|
Accretion in interest |
|
|
$ 2,064,936
|
$ 1,688,672
|
6,045,214
|
$ 1,688,672
|
|
|
Investors [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Exercise price of warrants | $ / shares |
$ 62.00
|
|
|
|
|
|
|
|
Debt instrument converted value |
|
|
|
|
3,734,631
|
|
|
|
Debt instrument converted shares |
|
|
|
|
305,175
|
|
|
|
Loss on conversion of convertible debentures |
|
|
|
|
$ 541,730
|
|
|
|
Definitive Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt principal amount |
|
$ 14,025,000
|
|
|
|
|
|
|
Original issue discount percentage |
10.00%
|
10.00%
|
|
|
|
|
|
|
Gross proceeds of debt |
$ 4,615,385
|
$ 12,750,000
|
|
|
|
|
|
|
Convertible into common shares per share | $ / shares |
$ 62.00
|
$ 111.00
|
|
|
|
|
|
|
Investors received warrants | shares |
53,226
|
82,129
|
|
|
|
|
|
|
Exercise price of warrants | $ / shares |
$ 62.00
|
$ 122.10
|
|
|
|
|
|
|
Warrants expire date |
Dec. 31, 2025
|
Dec. 31, 2025
|
|
|
|
|
|
|
Debentures transaction costs incurred |
|
$ 1,634,894
|
|
|
|
|
|
|
Purchase of additional tranches |
$ 5,076,923
|
5,000,000
|
|
|
|
|
|
|
Debt instrument interest rate percentage |
8.00%
|
|
|
|
|
|
|
|
Definitive Agreement [Member] | Investors [Member] | First 12 Months [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument interest rate percentage |
5.00%
|
|
|
|
|
|
|
|
Definitive Agreement [Member] | Investors [Member] | Subsequent 12 Months [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument interest rate percentage |
6.00%
|
|
|
|
|
|
|
|
Definitive Agreement [Member] | Investors [Member] | Thereafter [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt instrument interest rate percentage |
8.00%
|
|
|
|
|
|
|
|
Definitive Agreement [Member] | Investors [Member] | Additional Tranches [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Debt principal amount |
|
$ 33,000,000
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] | Accredited Investors [Member] |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Transaction costs |
$ 325,962
|
|
|
|
|
|
|
|
Waiver and Amendment Agreements [Member] | First And Second Tranche Warrants [Member} |
|
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
|
Exercise price of warrants | $ / shares |
|
|
|
|
|
|
$ 5.50
|
|
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- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.
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v3.23.3
LONG TERM LOAN (Details Narrative)
|
1 Months Ended |
9 Months Ended |
12 Months Ended |
|
|
|
Apr. 30, 2021
USD ($)
|
Apr. 30, 2021
CAD ($)
|
Sep. 30, 2023
CAD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
CAD ($)
|
Dec. 31, 2022
CAD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2020
CAD ($)
|
Long term loans payable |
|
|
|
$ 44,300
|
$ 44,379
|
$ 60,000
|
$ 60,000
|
|
|
Alterna Bank [Member] | Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
Debt principal amount |
|
|
|
29,533
|
|
|
|
$ 29,586
|
$ 40,000
|
Proceeds from loan |
$ 14,793
|
$ 20,000
|
|
$ 14,767
|
|
|
|
|
|
Debt, maturity date |
|
|
Jan. 18, 2024
|
|
|
|
|
|
|
Debt instrument, forgiveness |
|
|
$ 20,000
|
|
|
|
|
|
|
Debt instrument, interest rate |
|
|
|
|
5.00%
|
5.00%
|
|
|
|
Debt, maturity date description |
|
|
January
19, 2024 to December 31, 2025
|
|
|
|
|
|
|
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v3.23.3
SCHEDULE OF CHANGES IN THE FAIR VALUE OF COMPANY'S LEVEL 3 FINANCIAL INSTRUMENTS (Details) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Balance at January 1, 2022 |
$ 4,649,115
|
$ 1,418,964
|
Additions |
4,022,120
|
7,417,493
|
Conversions |
(529,340)
|
(63,723)
|
Change in fair value |
(6,159,067)
|
(1,683,489)
|
Effect of exchange rate changes |
(24,260)
|
(497,368)
|
Balance at September 30, 2022 |
1,958,568
|
6,591,877
|
Equity Warrants [Member] |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Balance at January 1, 2022 |
275,115
|
1,418,964
|
Additions |
45,120
|
|
Conversions |
|
|
Change in fair value |
(259,123)
|
(640,540)
|
Effect of exchange rate changes |
5,456
|
(85,547)
|
Balance at September 30, 2022 |
66,568
|
692,877
|
Debenture Warrants [Member] |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Balance at January 1, 2022 |
2,917,000
|
|
Additions |
2,378,000
|
4,080,958
|
Conversions |
|
|
Change in fair value |
(4,960,112)
|
(191,957)
|
Effect of exchange rate changes |
(25,888)
|
(239,001)
|
Balance at September 30, 2022 |
309,000
|
3,650,000
|
Debenture Convertible Feature [Member] |
|
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
|
|
Balance at January 1, 2022 |
1,457,000
|
|
Additions |
1,599,000
|
3,336,535
|
Conversions |
(529,340)
|
(63,723)
|
Change in fair value |
(939,832)
|
(850,992)
|
Effect of exchange rate changes |
(3,828)
|
(172,820)
|
Balance at September 30, 2022 |
$ 1,583,000
|
$ 2,249,000
|
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v3.23.3
DERIVATIVE LIABILITIES (Details Narrative)
|
|
|
9 Months Ended |
12 Months Ended |
Jun. 20, 2023
USD ($)
$ / shares
shares
|
Jan. 17, 2023
USD ($)
$ / shares
|
Sep. 30, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
$ / shares
|
First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Warrant stock price | $ / shares |
|
|
$ 5.60
|
$ 56.50
|
Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Warrant stock price | $ / shares |
|
$ 60.50
|
$ 5.60
|
|
Fair Value, Inputs, Level 3 [Member] | First Tranche Warrants [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of warrants |
|
|
$ 234,000
|
$ 2,917,000
|
Fair Value, Inputs, Level 3 [Member] | Second Tranche Warrants [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of warrants |
|
$ 2,378,000
|
75,000
|
|
Fair Value, Inputs, Level 3 [Member] | First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of debentures |
|
|
887,000
|
$ 1,457,000
|
Fair Value, Inputs, Level 3 [Member] | Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of debentures |
|
$ 1,599,000
|
$ 696,000
|
|
Measurement Input, Price Volatility [Member] | First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
|
80.0
|
95.0
|
Measurement Input, Price Volatility [Member] | Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
95.0
|
80.0
|
|
Measurement Input, Risk Free Interest Rate [Member] | First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
|
5.35
|
4.41
|
Measurement Input, Risk Free Interest Rate [Member] | Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
4.02
|
5.12
|
|
Measurement Input, Expected Term [Member] | First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Expected warrant term |
|
|
1 year 3 months
|
2 years
|
Measurement Input, Expected Term [Member] | Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Expected warrant term |
|
2 years 6 months
|
1 year 9 months 18 days
|
|
Measurement Input, Discount Rate [Member] | First Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
|
16.23
|
13.65
|
Measurement Input, Discount Rate [Member] | Second Tranche Debenture Convertible [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Discount rate |
|
11.65
|
16.01
|
|
Private Placement [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Class of warrant or right number of securities called by warrants or rights | shares |
20,000
|
|
|
|
Fair value of warrants |
$ 45,120
|
|
$ 2,407
|
|
Private Placement [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Warrant stock price | $ / shares |
$ 12.50
|
|
$ 5.50
|
|
Private Placement [Member] | Measurement Input, Expected Dividend Rate [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
|
|
|
|
Private Placement [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
65.0
|
|
59
|
|
Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
4.58
|
|
4.91
|
|
Private Placement [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Expected warrant term |
2 years
|
|
1 year 9 months
|
|
IPO [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of warrants |
|
|
|
$ 275,115
|
IPO [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Fair value of warrants |
|
|
$ 64,161
|
|
Series A Warrants [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Class of warrant or right number of securities called by warrants or rights | shares |
|
|
61,765
|
|
Warrant [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Class of warrant or right number of securities called by warrants or rights | shares |
|
|
2,721
|
|
First Tranche Warrants [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Class of warrant or right number of securities called by warrants or rights | shares |
|
|
82,129
|
|
First Tranche Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Warrant stock price | $ / shares |
|
|
$ 5.60
|
$ 56.50
|
First Tranche Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
|
|
80.0
|
95.0
|
First Tranche Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
|
|
4.97
|
4.22
|
First Tranche Warrants [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Expected warrant term |
|
|
2 years 3 months
|
3 years
|
Second Tranche Warrants [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Class of warrant or right number of securities called by warrants or rights | shares |
53,226
|
|
|
|
Second Tranche Warrants [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Warrant stock price | $ / shares |
|
$ 60.50
|
$ 5.60
|
|
Second Tranche Warrants [Member] | Measurement Input, Price Volatility [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
|
95.0
|
80
|
|
Second Tranche Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Risk free rate of return |
|
3.80
|
4.85
|
|
Second Tranche Warrants [Member] | Measurement Input, Expected Term [Member] |
|
|
|
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] |
|
|
|
|
Expected warrant term |
|
3 years 6 months
|
2 years 9 months 18 days
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.3
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total anti-dilutive weighted average shares |
2,367,337
|
325,139
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total anti-dilutive weighted average shares |
270,762
|
197,536
|
Share-Based Payment Arrangement, Option [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total anti-dilutive weighted average shares |
76,185
|
12,711
|
Convertible Debt Securities [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total anti-dilutive weighted average shares |
2,020,390
|
114,892
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.3
SHARE CAPITAL (Details Narrative) - USD ($)
|
|
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 20, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
102,610
|
|
Stock issued, value |
|
|
$ 27,150
|
$ 59,500
|
$ 80,885
|
$ 708,162
|
Payments of stock issuance costs |
|
|
|
|
153,220
|
|
Stock based compensation |
|
|
|
|
$ 211,243
|
$ 282,828
|
Officer [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Stock based compensation |
$ 44,214
|
|
|
|
|
|
Private Placement [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Sale of stock issued |
|
20,000
|
|
|
|
|
Total consideration |
|
$ 250,000
|
|
|
|
|
Fair value of warrant amount |
|
$ 45,120
|
|
|
|
|
Private Placement [Member] | Measurement Input, Share Price [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Warrant strike price |
|
$ 25.00
|
|
|
|
|
ATM [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
124,652
|
|
Stock issued, value |
|
|
|
|
$ 1,092,915
|
|
Payments of stock issuance costs |
|
|
|
|
$ 153,220
|
|
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v3.23.3
SCHEDULE OF FUTURE PAYMENTS UNDER LEASE (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Leases |
|
|
Remaining 2023 |
$ 68,896
|
|
2024 |
280,907
|
|
2025 |
296,876
|
|
2026 |
296,876
|
|
2027 |
296,876
|
|
Subsequent years |
519,533
|
|
Total minimum lease payments |
1,759,964
|
|
Less: imputed interest |
(361,688)
|
|
Total lease liability |
1,398,276
|
|
Current portion of lease liability |
(275,584)
|
$ (271,110)
|
Non-current portion of lease liability |
$ 1,122,692
|
$ 1,250,060
|
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - USD ($)
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
Nov. 01, 2023 |
Oct. 29, 2023 |
Oct. 23, 2023 |
Oct. 18, 2023 |
Oct. 08, 2023 |
Oct. 01, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
|
|
|
$ 640,096
|
$ 939,695
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Conversion of convertible debt |
|
|
|
|
|
111,419
|
|
|
Conversion of shares |
|
|
|
|
|
13,644
|
|
|
Stock Issued During Period, Shares, Reverse Stock Splits |
|
|
37,251
|
|
|
|
|
|
Conversion of shares, value |
$ 160,500
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Conversion of shares |
|
19,084
|
|
|
|
|
|
|
Conversion of shares, value |
|
$ 50,000
|
|
|
|
|
|
|
Subsequent Event [Member] | Investor [Member] | Convertible Debenture [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
$ 2,750,000
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
$ 2.62
|
|
|
|
|
Subsequent Event [Member] | Investor [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
|
|
$ 620,230
|
|
|
|
|
Class of Warrant or Right, Exercise Price of Warrants or Rights |
|
|
|
$ 2.62
|
|
|
|
|
Subsequent Event [Member] | Purchase and Sale Agreement [Member] | Stronghold Power System, Inc. [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
Estimate loss |
|
|
|
|
$ 452,000
|
|
|
|
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AgriFORCE Growing Systems (NASDAQ:AGRI)
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